Accounting Project-Clubs

Topics: Expense, Money, Income statement Pages: 3 (556 words) Published: July 1, 2012
What are the club’s main sources of income?
Membership fees
Entrance fees
Profits made by running a tuck-shop and bar/coffee shop
Profits made by running a Kit shop
What are the club’s main items of expenditure?
Refreshments bought to sell at the tuck-shop and bar/coffee shop •Expenditure on cost price of the club jerseys and socks that get sold at the Kit shop •Operating expenses such as water, electricity, etc.

Maintenance expenses
What ledger accounts are you using in your system in order to record these incomes and expenses, focussing on those that are different from businesses? •Membership Fees
Membership Fees Written Off
Entrance Fees
Income and Expenditure
Income Received in Advance
Accrued Income
Bar/Coffee Shop
Stock of Refreshments
Stock of Jerseys
Stock of Socks
Stock from Tuck-Shop
Stock from Bar/Coffee Shop
Creditors for Refreshments
Creditors for Tuck-Shop
Creditors for Bar/Coffee Shop
Creditors for Jerseys
Creditors for Socks
Donations Income
Donations Expense
Refreshment Sales
Tuck-Shop Sales
Bar/Coffee Shop Sales
Jersey Sales
Socks Sales
What control measure have you got in place in the keeping of the ledgers? •There needs to be internal control over the cash flow of the business. •When money is received, it should be recorded in the source documents (cash register roll, cash receipts) and cash journals immediately. •The club manager must sign off on all payments made.

A trial balance must be drawn up at the end of EACH month to see if any irregularities have occurred. What is your policy regarding the collection of membership fees including how you cope with extraordinary items e.g. writing off membership fees etc? Show the ledger account. POLICY:

If members have not paid their membership fees after 2 years, the amount gets written off and the member...
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