Pine Valley Country club is going to be launched in Chennai in October 2016
b. Club operates only on a membership basis c. Membership types i. Silver membership – 6 months period, Rs. 150,000 ii. Gold membership – 12 months period, Rs. 288,000 d. Membership fee is collected as 100% advance in the first month of membership e. Club expects to add new members as below i. Month 1 to Month 3 – Three silver members and One gold member per month ii. Month 4 to Month 6 – Four silver members and two gold members per month iii. Month 7 onwards till Month 15 – Two silver members per month and one gold member every alternate month f. Club follows accrual basis of accounting g. For members added in h. Build a model as below i. Month wise model for a 15 month period starting from October 2016 ii. Compute the total membership fee collected for every month iii. Compute the revenue for every month
Compute the balance sheet for every month and indicate the group in which the figures are to be presented in the balance sheet