Clubs and societies
Quiz yourself by guessing what should be in
each of the black rectangles below before clicking
on it to display the answer.
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| Flap 1 |
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| Flap 2 |
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| 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 |
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