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Which account shows bar profit?
The Bar Trading Account — It shows the profit (or loss) made from running the club’s bar or canteen.
What does the Accumulated Fund represent?
It represents the club’s total net worth at the start of the year — the difference between what the club owns (assets) and what it owes (liabilities). 💬 (It’s
What is the difference between Receipts & Payments vs Income & Expenditure?
✅ Receipts & Payments records all money received and paid during the year (cash basis). ✅ Income & Expenditure records only items that belong to this year (accr
Which account includes depreciation?
The Income & Expenditure Account — depreciation is treated as an expense that reduces the surplus.
Why do clubs prepare a Balance Sheet?
✅ To show the financial position of the club at the end of the year — what the club owns (assets), what it owes (liabilities), and its Accumulated Fund. 💬 It’
What are the main duties of a club treasurer?
✅ To keep financial records, manage income and payments, prepare accounts, and report to the committee/AGM.
Who approves the club accounts at the end of the year?
✅ The club members at the Annual General Meeting (AGM).
8️⃣ Why is the treasurer’s job important?
✅ To make sure the club’s money is managed honestly and accurately.
Give two examples of club income.
✅ Subscriptions, fundraising, bar sales, sponsorship, grants, entrance fees.
Give two examples of club expenditure
✅ Rent, insurance, electricity, trophies, bar purchases, wages.
What is a surplus?
✅ When the club’s income is greater than its expenditure.
2️⃣ What is a deficit?
✅ When the club’s expenditure is greater than its income.
13️⃣ What does “subscriptions in arrears” mean?
✅ Members still owe their fees for the year (asset).
What does “subscriptions in advance” mean?
Members have already paid for next year (liability).
Which account includes depreciation and accruals?
✅ The Income & Expenditure Account.
Why do clubs need to keep accounts?
✅ To track income and spending, plan for the future, and stay accountable to members.
