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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.
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Question 1: 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.
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