Clubs and Societies

Changes

• Instead of Trading, Profit and Loss A/C = Income and Expenditure A/C
• Net Profit/Net Loss = Surplus of Income over Expenditure/Deficit of Income to Expenditure
• In balance sheet Capital = Accumulated Fund - Cumulative of Surplus over Expenditure
• Cash book (Bank) = Reciepts and Payments A/C 
• May operate other services to help funds such as Bar, Separate A/C called Bar Trading A/C - Similar layout to Trading A/C
  • Total of this will be included in either Income/Expenditure A/C

Things to watch in exams

• Find opening accumulated fund by adding opening assets then taking away opening liabilities - Do not forget opening balance of receipts and payments
• Bank for balance sheet - Balancing off Receipts and Payments
• Occasionally asked to prepare Receipts and Payments A/C - Same as cash book opening bal if there is one
• To find Income for Members' subscriptions - Do a Subscriptions ledge A/C
• Interest paying bank deposit A/C
  • Organisation keeps its spare funds
  • Just a transfer between Deposit and Current…