Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 6 - No. 41)
Clubs and societies will normally appoint a treasurer who should keep an up-to-date cash book and periodically (at least once a year) prepare:
receipts and payments accounts reflecting the cash movements and balances
a subscription account to record the collection of money from the members
an income and expenditure accounts, which will show what surplus or deficit has been made in each of the period's activities
a statement of financial position including assets, liabilities and the accumulated fund
Explanation
The treasurer prepares a receipts and payments account.
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