Accounts for clubs and Societies
Shop purchase = Payments to supplier + closing trade payables – opening trade payables
Prepared by Md Mustafizur Rahman, Examiner for Cambridge IGCSE&O Level Accounting, Senior
Teacher, DPS STS School, Uttara, Dhaka.
Accounts for clubs and Societies
Accumulated fund is formed with the accumulation of surpluses less deficits of a club over the years.
It is calculated as a difference between assets and liabilities of a club.
Prepared by Md Mustafizur Rahman, Examiner for Cambridge IGCSE&O Level Accounting, Senior
Teacher, DPS STS School, Uttara, Dhaka.
Accounts for clubs and Societies
P/(L) on disposal = SP –NBV of assets sold
Accounts for club & society
Receipts and payments account is the summary of a cashbook. It shows the balance of either cash or
bank transactions or a combination of both.
Receipts and payments account
Receipts Payments
Opening bank balance xxx All payments xxx
All receipts xxx Balance c/d xx
xxx xxx
balance b/d xx
Notes: No need to consider any accruals or prepayments or any other adjustment.
Subscription account (income account)
Balance b/d (owing) xxx Balance b/d (prepaid) xxx
Income & expenditure A/c xxx Bank xxx
(difference) (Total subscription received in the year)
Bad debts written off xx
Balance c/d (prepaid) xxx Balance c/d (owing) xxx
xxx xxx
Life subscriptions account
Income and expenditure (15000/10) 1500 Balance b/d 5000
Balance c/d 13500 Bank (received during this year) 10000
15000 15000
Balance c/d will be added to the accumulated fund in statement of Financial position.
If there is a donation and it is revenue receipts, it will be shown as income in I & E A/C but if it is capital
receipts, it will be added to accumulated fund in statement of Financial position.
Prepared by Md Mustafizur Rahman, Examiner for Cambridge IGCSE&O Level Accounting, Senior
Teacher, DPS STS School, Uttara, Dhaka.
