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SS2: FINANCIAL ACCOUNTING - 2ND TERM

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In order to increase their financial base, many non-profit making associations run bars, restaurants, and other commercial activities. When a club is operating a bar, it is usual to prepare a separate trading account to show the result of its activities. Profit or loss is carried to the income and expenditure account. If profit is made, it must be credited to the Income and expenditure account and loss will be debited.

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