Accounting Project-Clubs
What is the club’s main source of income?
A major part of the club’s income is Membership fees. This is a fee paid by members. It is paid annually at R100 for juniors and R250 for adults. The Membership fees is a fixed amount so that along with additional income it covers the clubs expenses. There are usually Membership fees outstanding as well as people who pay in advance.
Entrance fees is also a part of the clubs income. This is paid by new members who join the club. This fee is only paid once and stands at R200 for juniors and R400 for adults.
The club also has a tuck-shop that sells refreshments as well as a coffee bar
The club also has a shop that sells jerseys and socks.
The club also gets money if they win a tournament.
What are the club’s main items of expenditure?
As the club enters tournaments it has to pay Affiliation fees. The club has to pay these fees to compete against other teams in the area. This fee is paid to the organising body.
The club also has to pay Honorarium. This is paid to people who have delivered a service to the club. E.g. secretary or treasurer.
The club also spends money on refreshments.
Soccer balls.
Water and electricity.
Medical equipment such as first aid kits.
Travelling expenses when the team plays somewhere.
Maintenance of the building ( paint, varnish etc ).
What recording systems does the club use to record incomes and expenses?
Usually a simple system of bookkeeping is followed. First we;
Distinguish clearly between receipts and income. Receipt are all monies that are received which include all cash transactions, irrespective of the related period or the nature thereof. Income refers to the amounts received or receivable i.e. earned while conducting our business. Examples are membership fees, donations, sale of refreshments or discount received. Income is a gain for the club and will therefore increase the surplus. When we sell an asset it is not regarded as an income. Income accounts
A major part of the club’s income is Membership fees. This is a fee paid by members. It is paid annually at R100 for juniors and R250 for adults. The Membership fees is a fixed amount so that along with additional income it covers the clubs expenses. There are usually Membership fees outstanding as well as people who pay in advance.
Entrance fees is also a part of the clubs income. This is paid by new members who join the club. This fee is only paid once and stands at R200 for juniors and R400 for adults.
The club also has a tuck-shop that sells refreshments as well as a coffee bar
The club also has a shop that sells jerseys and socks.
The club also gets money if they win a tournament.
What are the club’s main items of expenditure?
As the club enters tournaments it has to pay Affiliation fees. The club has to pay these fees to compete against other teams in the area. This fee is paid to the organising body.
The club also has to pay Honorarium. This is paid to people who have delivered a service to the club. E.g. secretary or treasurer.
The club also spends money on refreshments.
Soccer balls.
Water and electricity.
Medical equipment such as first aid kits.
Travelling expenses when the team plays somewhere.
Maintenance of the building ( paint, varnish etc ).
What recording systems does the club use to record incomes and expenses?
Usually a simple system of bookkeeping is followed. First we;
Distinguish clearly between receipts and income. Receipt are all monies that are received which include all cash transactions, irrespective of the related period or the nature thereof. Income refers to the amounts received or receivable i.e. earned while conducting our business. Examples are membership fees, donations, sale of refreshments or discount received. Income is a gain for the club and will therefore increase the surplus. When we sell an asset it is not regarded as an income. Income accounts