Question - In January 2012, Meadows golf course offered a life membership subscription for €/£15,000 per member, to cover membership of the golf club for ten years starting from 2012. 50 members of the gold club took up this offer and paid in full during 2012.
You are required to:
i. Prepare the journal entries required to appropriately record the life membership in 2012. Narratives are not required.
ii. Prepare the journal entries required to appropriately record the life membership in 2013. Narratives are not required.