17. Income and expenditure statements Flashcards
1
Q
profit or loss
A
surplus or deficit
2
Q
SPL
A
income and expenditure statement
3
Q
Revenue
A
income
4
Q
capital
A
accumulated fund
5
Q
subscriptions in advance
A
pre paid income
6
Q
subscriptions in arrears
A
receivables
asset
7
Q
subscriptions receivable
A
sales/ income account for a non profit organisation
8
Q
Entrance fee
A
paid when first joining club
i.e. 1500 joining fee
1200 annual fee
DR cash 2700
CR subs 1200
CR entrance fees 1500
people are on average members for 5 years so prepay out to income and expenditure statement at 300 pa.
DR entrance fees 300
CR income statement 300
9
Q
Life membership
A
as per entrance fee and prepaid to the income statement
