1.Instead of a cashbook, the clubs will maintain a receipts and payments which has similar entries to those of a cashbook.
2.Instead of profit and loss account, we have an income and expenditure account.
3.Because the club is not formed by any one owner (has no owner), it is funded by members’ contributions, donations, income from investments to get an accumulated fund instead of capital.
Titany answered the question on December 14, 2021 at 07:37
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