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Clubs
&
Societies
….by Rakesh Kabra
Meaning:
Those organisations which are set
up to provide services to its
members and general public
without profit motive ...
 Sports Clubs,
 Golf Clubs,
 Scout Groups,
 Youth Clubs,
 Amateur Dramatic Groups, etc.
Examples:
Characteristic:
 These organisations are set up to provide
service without profit motive
 Main sources of incomes are: S...
Books of Accounts:
 Cash Book
 Members Register
 Stores Register
 Memorandum
Book
Sources of Receipts:
Revenue Receipts
 Subscriptions,
 Entrance Fees,
 Donations,
 Sale of old newspapers,
 Income fr...
Sources of Receipts:
 It is the amount paid
by the members
usually annual basis
for the facilities
provided by the club
o...
Sources of Receipts:
 Amount donated by
members or any other
person without any
specific purpose is
called general
donati...
Sources of Receipts:
 Amount paid by the
any member under
his will or any
bequest.
 It is a capital receipt.
 Amount pa...
Sources of Receipts:
 It is a fund which
emerges from a gift
or bequest, this type
of fund is always for
a specific purpo...
Final Accounts:
1) Receipts and Payments Account
2) Income & Expenditure Account
3) Balance Sheet
Receipts and Payments
Account
1. It is a summary of all cash and banking
transactions.
2. All receipts (revenue and capita...
Income and Expenditure A/c
1. It is a part of final accounts of Clubs &
Societies.
2. It is prepared normally at the end o...
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Accounting for Clubs and Societies

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Accounting for Clubs and Societies

  1. 1. Clubs & Societies ….by Rakesh Kabra
  2. 2. Meaning: Those organisations which are set up to provide services to its members and general public without profit motive are called Non-Profit Organization.
  3. 3.  Sports Clubs,  Golf Clubs,  Scout Groups,  Youth Clubs,  Amateur Dramatic Groups, etc. Examples:
  4. 4. Characteristic:  These organisations are set up to provide service without profit motive  Main sources of incomes are: Subscription, Admission fees, Donation etc.  Managed by a group of persons called managing committee  Maintain books of accounts by applying principles of double entry system.
  5. 5. Books of Accounts:  Cash Book  Members Register  Stores Register  Memorandum Book
  6. 6. Sources of Receipts: Revenue Receipts  Subscriptions,  Entrance Fees,  Donations,  Sale of old newspapers,  Income from investments etc. Capital Receipts  Life membership Fees,  Specific Donation,  Sale of Old Assets & Investment  Legacy,  Endowment fund, etc.
  7. 7. Sources of Receipts:  It is the amount paid by the members usually annual basis for the facilities provided by the club or society.  It is a revenue receipt.  It is a registration fee paid by each member at the time of joining the organisation.  It is a revenue receipt. Subscription Entrance Fee
  8. 8. Sources of Receipts:  Amount donated by members or any other person without any specific purpose is called general donation.  Its’ amount is comparatively small than the specific donation.  It is a revenue receipt.  Amount donated for any specific purpose (i.e. building construction, etc).  It is a capital receipt. General Donation Specific Donation
  9. 9. Sources of Receipts:  Amount paid by the any member under his will or any bequest.  It is a capital receipt.  Amount paid by the members who seek life time membership of the club or society.  It is one time payment.  It is a capital receipt. Legacy Life membership fee
  10. 10. Sources of Receipts:  It is a fund which emerges from a gift or bequest, this type of fund is always for a specific purpose.  It is a capital receipt.  Amount received from the sale of any old asset or asset which is not useful now.  It is a capital receipt. Endowment Fund Sale of old Assets
  11. 11. Final Accounts: 1) Receipts and Payments Account 2) Income & Expenditure Account 3) Balance Sheet
  12. 12. Receipts and Payments Account 1. It is a summary of all cash and banking transactions. 2. All receipts (revenue and capital) are shown on the debit side and all payments (revenue and capital) are shown on the credit side. 3. Non cash items are not shown in it, for examples: depreciation, outstanding expenses, accrued incomes, etc.
  13. 13. Income and Expenditure A/c 1. It is a part of final accounts of Clubs & Societies. 2. It is prepared normally at the end of the year. 3. Its purpose is to ascertain Surplus or Deficit. 4. Only revenue items are considered in it.

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