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Also, the club has outstanding subscriptions – are these to be included in the Income & Expenditure Account? Do you record expenses in the accumulated fund account or the bank/cash account? Thanks for your help.

23-24 March 2004 The Russell Hotel, Russell Square, London

…I am studying for the Drafting Financial Statements (CG) module and would be grateful if you could help me with the Donated Assets part of it.

The sales journal is a book in which non-cash sales are recorded with details of customer, invoice, amount and date. These items are later posted to each customer’s account in the sales ledger.

...can they legally invoice the company for interest on late payment charges?

This is a point that has perplexed the government for some time, as it is aware of the impact that late payment has on small businesses. All too often, large companies hold small suppliers to ransom by delaying payment, so causing them serious cash flow problems.

…especially when balancing the T accounts. Please could you help me or give me a system to remember which are transferred to the Profit & Loss Account.

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