Accounting Project-Clubs

INCOME AND EXPENDITURE
What are the club’s main sources of income?
• Membership fees
• Entrance fees
• Profits made by running a tuck-shop and bar/coffee shop
• Profits made by running a Kit shop
What are the club’s main items of expenditure?
• Refreshments bought to sell at the tuck-shop and bar/coffee shop
• Expenditure on cost price of the club jerseys and socks that get sold at the Kit shop
• Operating expenses such as water, electricity, etc.
• Maintenance expenses
What ledger accounts are you using in your system in order to record these incomes and expenses, focussing on those that are different from businesses?
• Membership Fees
• Membership Fees Written Off
• Entrance Fees
• Refreshments
• Income and Expenditure
• Income Received in Advance
• Accrued Income
• Tuck-shop
• Bar/Coffee Shop
• Jerseys
• Socks
• Stock of Refreshments
• Stock of Jerseys
• Stock of Socks
• Stock from Tuck-Shop
• Stock from Bar/Coffee Shop
• Bank
• Creditors for Refreshments
• Creditors for Tuck-Shop
• Creditors for Bar/Coffee Shop
• Creditors for Jerseys
• Creditors for Socks
• Donations Income
• Donations Expense
• Refreshment Sales
• Tuck-Shop Sales
• Bar/Coffee Shop Sales
• Jersey Sales
• Socks Sales
• Honorarium
What control measure have you got in place in the keeping of the ledgers?
• There needs to be internal control over the cash flow of the business.
• When money is received, it should be recorded in the source documents (cash register roll, cash receipts) and cash journals immediately.
• The club manager must sign off on all payments made.
• A trial balance must be drawn up at the end of EACH month to see if any irregularities have occurred.
What is your policy regarding the collection of membership fees including how you cope with extraordinary items e.g. writing off membership fees etc? Show the ledger account.
POLICY:
• If members have not paid their membership fees after 2 years, the amount gets written off and the