(a)[4]
Identify four terms that appear only in the financial statements of a not-for-profit organisation and give the matching terms used in the financial statements of a profit-making business.
(b)[8]
Prepare the income and expenditure account for the year to 31 March 2017.
(c)[2]
Prepare an extract from the statement of financial position at 31 March 2017 to show the club’s accumulated fund on that date.
(d)[4]
Discuss how the life membership ought to be accounted for.
(e)[7]
Recommend which option the club should choose. Support your answer with relevant calculations and reasons.