The membership fees account for a non-profit organisation (club)
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Video Overview
The objective of a club is to provide facilities to its members who pay an annual membership fee, also referred to as a subscription fee. The same general accounting rules are applied to clubs, but there are a few new terms you need to familiarize yourself with, such as the term “surplus” instead of “profit” and “deficit” instead of “loss.” The main source of income for a club is its membership fees. This tutorial will discuss the membership fees account for a non-profit organisation (club).
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