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Assertion: Life Membership Fee: Amount received towards life membership fee from the members is a capital receipt.

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Assertion: Life Membership Fee: Amount received towards life membership fee from the members is a capital receipt.

 Reason: It is a non – recurring nature. 

(a) Assertion and Reason is correct 

(b) Assertion is incorrect Reason is correct 

(c) Assertion is correct

(d) Both are incorrect

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1 Answer

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(a) Assertion and Reason is correct

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