CHAPTER 23 – NON PROFIT MAKING ORGANIZATIONS(Clubs and

Societies)

Double Entries ……
Normal Membership or Annual Subscription account
01 – Recording Opening Balances

Subscription Owing = Assets (CA) -Debit Side - Accrued Income

Subscription Prepaid = Liabilities (CL) – Credit Side – Prepaid Income

02 – Subscription received during the year. (Receiving money FROM

Members)

Receipts and payment a/c – Debit Side

Subscription a/c – Credit Side

03 – Subscription Written off as a BAD DEBTS

Bad Debts account – Debit Side

Subscription – Credit Side

04 – Record Annual Subscription

(Number of Members (Total Members) in the club *Membership Fees

at one person)

Subscription account – Debit Side

Income and Expenditure account – Credit Side