Describe the entries in the financial statements of a club for each of the following and explain

Question:

Describe the entries in the of a club for each of the following and explain the justification for each treatment:
a. Donation of second-hand clothing for resale.
b. A gift of a large amount of cash.
c. A bequest of premises to be used as a clubhouse.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...