Features of an Income and Expenditure Account are: i. Only incomes meant for the year of accounting whether actually received…
Subscription in advance is the amount which members of club paid over and above the stipulated fee that should be…
Types of partners are: General partner, limited partner, active partners, sleeping or dormant partner and quiz partner or Nominal partner.…
Items that are contained in partnership agreement are as follows: i. The name of the partners ii. The amount that…
Goodwill: This is the good reputation which a business earned for quality products or services produced. It is an intangible…
i. Account sales: This is a document which states the total sales made, less the expenses and commissions due to…
i. Bank statement: This is the periodic statement of account which a commercial bank sends to its customers. It states…
Subscriptions: These are the amount that a club asks its members to pay for a specific period of time. Donations:…
Sources of Income to a Non profit making concern are: (i) Subscriptions. (ii) Donations. (iii) Sale of tickets. (iv) Loan…
Gross profit: This is the excess of sales over the cost of goods sold, where as Net profit is the…