28.08.2019-280 views -Accounting Project-Clubs
What is the club's main source of income?
A major part of the club's income is Membership charges. This is fees paid by simply members. It is paid each year at R100 for second and R250 for adults. The Membership costs is a fixed amount so that along with additional cash flow it includes the golf equipment expenses. There are usually Membership fees outstanding along with people who pay in advance. Entrance fees is usually a part of the clubs salary. This is paid by new members who become a member of the club. This charge is only paid once and stands by R200 for juniors and R400 for adult surfers. The golf club also has a tuck-shop that sells refreshments as well as a caffeine bar The club has a shop that sells jerseys and socks.
The golf club also gets money in the event that they get a competition.
What are the club's key items of costs?
As the club makes its way into tournaments it needs to pay Affiliation fees. The club has to pay these fees to compete against other clubs in the area. This cost is paid out to the getting body. The club also offers to shell out Honorarium. This is certainly paid to the people who have shipped a service towards the club. At the. g. admin or treasurer. The membership also consumes money about refreshments.
Water and electricity.
Medical equipment such as first aid kits.
Travelling expenses if the team takes on somewhere.
Maintenance of the building ( paint, varnish and so on ).
What recording systems does the membership use to record incomes and expenses?
Usually a simple approach to bookkeeping is usually followed.
Distinguish clearly between receipts and income. Invoice are all payments 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. elizabeth. earned when conducting the business. Cases are regular membership fees, contributions, sale of refreshments or price cut received. Income is a gain for the club and may therefore raise the surplus. Whenever we sell a property it is not regarded as an income. Income accounts happen to be entered on the Credit side of the Nominal section of the overall Ledger. Up coming we;
Distinguish between repayments and costs. Payments are typical monies paid in cash, cheque, postal order or direct transfer. Expenditure refers to the portions paid or payable electronic. g. pay, rent bills, interest bills, stationery etc . These expenses are sustained while jogging the membership and are necessary in order to earn cash. They are either used up quickly or have zero lasting income e. g. electricity. Bills are a loss to the golf club and therefore cure the surplus. In this club an Income and Expenditure affirmation and an equilibrium Sheet is created. Ledger accounts are also exposed. A Funds Receipts log, a Funds Payments diary and a General Journal is employed. Daily and monthly, invoices are issued and documented in periodicals then inside the general journal then in the trial equilibrium. At the end of the financial year adjustments are manufactured, a post adjustments trek balance is definitely drawn up, closing entries are created, an Income and Expenditure consideration is drawn up, a content closing trek balance can be drawn up and finally an Income and Expenditure Statement Balance Sheet can be drawn up. Unlike within a business, a surplus or perhaps deficit is created not a income or a reduction.
What control measures will be in place inside the keeping in the ledgers?
There must be exact bookkeeping items of all receipts and repayments. There must be proper control of all cash invoices and payments. There has to be proper paperwork of all ventures.
Periodically, usually annually, economic statements should be presented for the members.
Precisely what is the club's policy concerning membership fees?
Membership fees are gathered at the beginning of the financial year. Any membership fees which are not received will be recorded while an built up income. Occasionally members spend membership service fees for the next 12 months and this is recorded as income received in advance. If you have accrued income in the previous...