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# D. Ben Quayson Social Club has 160 members who contributed an amount of GH¢ 150 each...

## Question

###### D. Ben Quayson Social Club has 160 members who contributed an amount of GH¢ 150 each...

d. Ben Quayson Social Club has 160 members who contributed an amount of GH¢ 150 each as Life membership fee on 01/01/2017. One tenth of the Life membership fee is charged to Income and expenditure account each year. But when a member dies, the whole amount is transferred to income and expenditure account. Unfortunately, 8 members died in 2017 and 10 members were enrolled in 01/01/2018. Ben Sarpong, the Accountant is confused on how to treat the fees. The club prepares account to 31st December each year. Required Show how Ben Sarpong should treat the Life membership fee in the financial Statements of Ben Quayson’s Social Club for 2017 and 2018 years.

d. Ben Quayson Social Club has 160 members who contributed an amount of GHe 150 each as Life membership fee on 01/01/2017. One tenth of the Life membership fee is charged to Income and expenditure account each year. But when a member dies, the whole amount is transferred to income and expenditure account. Unfortunately, & members died in 2017 and 10 members were enrolled in 01/01/2018. Ben Sarpong, the Accountant is confused on how to treat the fees. The club prepares account to 31" December each year. Required Show how Ben Sarpong should treat the Life membership fee in the financial Statements of Ben Quayson's Social Club for 2017 and 2018 years. 10 marks (Total: 40 marks)

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