About Sports Clubs
Sports clubs are non-profit organisations, they render services to their members and they use income to upgrade the facilities used by the members. Although the accounting principles for a sports club and a business are the same, they are different in the way that the object of a business is to make a profit where as the object of Sports club is to enable its members to take part in one or more kinds of activities.
Sources of income
Juniors R100 pa
Seniors R250 pa
Other energy drinks
Bar / Coffee Shop
Items of Expenditure
Salaries and wages
Water And Electricity
Ledger Accounts used
Income and Expenditure
Collection of membership fees
Members get written off if they haven't paid there fees before we're half way through the season
If members pay their fees up front they get a voucher for the tuck shop, bar, coffee shop or clothing shop
If members pay late they are charged 15% interest for each month that they're fees are late up until 6 months when they get written off
Control measures for keeping of ledger
There needs to be internal control over the cash flow in the business
When money is received must be recorded in the source documents(cash register roll, cash receipt)
The owner or manager must sign off on all payments made
Money received the previous week must be banked in at the beginning of each week.
A trial balance must be done at the end of each month to see if any irregularities have occurred.
Stock holding and pricing policy
We order... [continues]
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(2011, 03). Accounting Sports Clubs. StudyMode.com. Retrieved 03, 2011, from http://www.studymode.com/essays/Accounting-Sports-Clubs-1585202.html
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"Accounting Sports Clubs." StudyMode.com. 03, 2011. Accessed 03, 2011. http://www.studymode.com/essays/Accounting-Sports-Clubs-1585202.html.