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Club A/c Question

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  • 11-01-2009 7:03pm
    #1
    ~Candy~
    Closed Accounts Posts: 435 ✭✭


    hey guys ,
    it has been a good while since i did club a/c Q last..
    these are the things that i learned off but never really understood
    In accumulated fund,


    why does levy and life membership and subs prepaid goes under liabilities

    i would be grateful for your help

    xox


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    #2
    Paddy001
    Registered Users Posts: 724 ✭✭✭Paddy001


    Basically:
    Life members is a liability, not to be smart, but because they are life members! So, if the place closes up, then they haven't got their life membership have they? So they have to be repaid, that's why its a liability.

    Subs prepaid: Much the same principle, they have paid for the following year and so if the place closes before the end of the next year, they have not got what they paid for and must be repaid.

    Levy is a liability more or less for the same reasons. Hope I have helped! There is a pretty logical way to most o the accounting things, thats why I like it and am going for it as a career! :D


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