| Flap 1 | Flap 2 |
| Surplus | Equivalent to a profit |
| Deficit | Equivalent to a loss |
| Accumulated fund | Equivalent to capital. Calculated by adding opening assets and deducting opening liabilities |
| Income and expenditure | Equivalent to profit and loss |
| Subscriptions | Where money comes from in the form of annual or life memberships |
| Donations | money given without being a member of the club |
| Subscriptions in advance | Money paid before the year end in relation to the coming year. |
| Subs in advance show as ......... on the balance sheet | Current liabilities |
| Subscriptions in arrears | Subs for the current year that are unpaid by the year end |
| Subscriptions in arrears show as ........... on the balance sheet | Current assets |
| Life membership | Single lump sum payment made which is held on the balance sheet next to accumulated fund and a % of the total is taken to the I and E each year |
| Trading profit - you need a separate what.... | Profit and loss account. Proft/loss goes as single figure on the I and E account |
| Subs in arrears are current ........ | Liabilities |
| Subs in advance are current ............ | Assets |
| Capital account of a club is called the | Accumulated fund |
| Name some activities that may raise money for a club | Dinner dance, raffle, bring and buy sale, quiz night |
