Clubs and societies: the receipts and payments account, the income and expenditure account, the accumulated fund, subscriptions, and profit-making activities.
Clubs and societies
A non-profit organisation (a club or society) exists to provide a service, not to make profit. Its terminology differs from a trader:
| Trader | Non-profit organisation |
|---|---|
| Capital | Accumulated fund |
| Income statement | Income and expenditure account |
| Profit for the year | Surplus of income over expenditure |
| Loss | Deficit |
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