In this paper, the problem of axisymmetric deformation of the circular membrane fixed at its perimeter under the action of uniformly-distributed loads was resolved by exactly using power series method, and the solution of the problem was presented. An investigation into the so-called Hencky transformation was carried out, based on the solution presented here. The results obtained here indicate that the well-known Hencky solution is, without doubt, correct, but in the published papers the statement about its derivation is incorrect, and the so-called Hencky transformation is invalid and hence may not be extended to use as a general mathematical method.