Shaik ( M.com,IC(W)AI - Inter) (723 Points)
16 December 2010Dear All
I am working as Accounts Executive one of Fitness Studio usually your are selling packages like , Aerobics 1months, 3months, 6months and 1 year packages, but now we are going to sale Aerobics life time Package to our regular Client as per Accounts how can i book entry to them ?
Dhawal Mohnot
(Practicing)
(449 Points)
Replied 17 December 2010
account it as your income when you have received it. You cannot anticipate a life time of a member.. so account it in the year of receipt itself. Do not defer it. Thats my opinion.
CAclubindia
