Alpha Kappa Alpha Sorority General Member Reactivation Remittance Form 2014 free printable template
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Right good afternoon learners and this listen today we're going to look at membership fees which is relevant to Hecuba×39’s accounting section now most of your questions will refer to sports clubs, but please understand that under the club section we×39’re really talking about nonprofit organizations those organizations that are not out to make profit but to get enough income in to cover all their expenses now one of the most important accounts is that of membership fees, so I'm using 39 question39 yeah, and you can see it in front of you the first thing I want to draw your attention to is the first two entries on the debit and credit side now these entries are actually what we refer to as reversals from last year now it×39;snot something that we've spent a lot of time with but let's just go back you reused to doing adjustments where for example they will tell you that certain income is owing to you, and you would have created an income receivable or accrued income account likewise if you had received some income in advance you would have created deferred income or an income received an advance account now if we have a look at question 39 over here you will see that under the information given from to endow last year you are given an accrued income of 6,000 now remember crude income receivable is an asset, so that would have had a debit balance deferred income or income received in advance would have had a credit balance and that×39’s how they would appear in last year×39’s financial statements now when we move into the new year 2016 Image can't forget that some income disowned to me and some has been received din advance, so we have to reverse this as income accrued has got a debit balance we were creditor to close it off and they for debit your membership fees account as you see here likewise the deferred income or income received in advance was treated as a liability it would have had credit balance if you want to close it you have to debit and therefore credit this, so it's not something we've spent a lot of time on, but please just understand that these reversals have to take place at the beginning of the earth the other big difference that you need to focus on membership fees is the difference between the bank figure and the income and expenditure now in trading concern we refer to a profit and loss account in a non trading concern nonprofit organization we will refer tort as the income and expenditure cut butte×39’s got the same function as your profit and loss now remember the bank figure that's been on the credit side the double into it be the debit this will record the actual cash received noisome of that could be from last year because we know some amounts were outstanding some is for this year and maybe people have even paid in advance whereas the income and expenditure show much have you earned this year if you take all your members for this yea rand work out which each one of them should have paid for this year only that will equal...
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