Share this content
3

Accounting for contributions towards party

Members of Gym paying in for year end party

Didn't find your answer?

Hi everyone,

I do the accounts for a small gym.  Members are each paying in £10 per person towards the upcoming year-end party.

The gym will then settle the account after the party.

What would be the various accounting entries for this?

Thanks,

Ray

Replies (3)

Please login or register to join the discussion.

avatar
By Accountant A
22nd Nov 2019 14:46

Have a go, Ray, and we'll tell you what we think. If you "do the accounts", you must have some idea!

Is the gym VAT registered? Is it a UK gym? I notice that "Imali Solutions Limited" is an Isle of man compnay.

Thanks (0)
Replying to Accountant A:
avatar
By RayW-71
25th Nov 2019 09:57

Hi,
Gym is not VAT registered and is also on the Isle of Man.
I would DR Bank and CR Misc. Income - for receipt of money from members.
Then DR Entertainment and CR Bank - for payment to the various entities for the event.
However, I was wondering if the Misc. Income is not offset against the entertainment expense instead?
Thanks

Thanks (0)
Replying to Accountant A:
avatar
By RayW-71
26th Nov 2019 10:01

duplicate error

Thanks (0)
Share this content

Related posts