The statement of receipts and payments - key concepts
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Video Overview
A sports club is a non-profit organisation. 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. A yearly cashbook is drawn up that consists of a receipts and payments section. This cashbook also serves as the bank account for the club. At the year end this cashbook is balanced. A summary of the cashbook is then drawn up in what is called the statement of receipts and payments. In this tutorial we will discuss key concepts behind the statement of receipts and payments.
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