Clubs and Societies

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  • 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…


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