1. Donations
2. Subscriptions/ Dues
3. Entrance fees
4. Fines
5. Profits from bar
6. Interest from Investments
7. Income from raffle draws, animal fees, dinners etc.
Subscription
This is the periodic contribution of members to the association or societyThe term society is derived from the Latin word 'socius' meaning friendship or companionship. Society is a community, nation or group of people who share the same traditions, institutions, rules and... More. Members are enjoined to pay their subscriptions as at when due and it can be paid monthly or quarterly. Subscription can be paid by members in advance or in arrears.
(a) Subscription in arrears: This is a sum of money due from members for a particular year but which has not been paid for that year. It is treated as a current asset in the final account.
(b) Subscription in advance: This is a sum of money prepaid by the members of club representing their dues for next year. It is treated as a liability in the balance sheet.
NB: A separate account can be prepared for subscription to adjust the arrears and advance before being posted to the credit of income and expenditure account.
