The receipts and payments account, the income and expenditure account, subscriptions, the accumulated fund and special funds.
Non-profit organisations
A club or society exists to provide a service to members, not to make a profit. Its accounting uses different names but the same principles:
| Trading business | Club / society |
|---|---|
| Cash book | Receipts and payments account |
| Income statement | Income and expenditure account |
| Profit for the year | Surplus (excess of income over expenditure) |
| Loss for the year | Deficit |
| Capital | Accumulated fund |
Viewing only
This content is free to read on superexams.com and cannot be printed or downloaded.
Read the full note, free
Create a free account to read this note in full. Every free account gets 2 complete revision notes, no card needed.