Accounting (AS)·Non-profit organisations · NSSCAS 3.2.2
Receipts & payments; the subscriptions account
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Clubs and societies do not trade for profit, so their books look a little different. In this lesson you prepare an opening statement of affairs to find the accumulated fund, learn where a club's money comes from and where it goes, and then master the famous subscriptions account with arrears, advances and amounts written off. This account is a guaranteed favourite in the Paper 1 structured questions, so we build it slowly, figure by figure.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Accounting (AS) 3.2.2):
- prepare an opening statement of affairs to calculate the accumulated fund
- state the sources of income of a non-profit making organisation
- state the sources of expenditure of a non-profit making organisation
- prepare a subscriptions account in the general ledger including subscriptions in advance, subscriptions in arrears and subscriptions written off
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Miss Olivia and Mike talk through the whole topic — with the figure and working drawn live.