*WAEC ACCOUNT* (1a) PLS TABULATE -Surplus- matches with Net profit -Accumulated fund- matches with Capital -Receipts and payments account- matches with Cash book -Deficit- matches with Net loss -Income and expenditure account- matches with Profit and loss account (1b) (i)Purpose: Social clubs are non-profit organizations focused on member benefits, while limited liability companies (LLCs) aim to generate profit. (ii)Capital: Social clubs usually have an accumulated fund, while LLCs have capital invested by owners. (iii)Surplus/Deficit: Social clubs record surplus or deficit, while LLCs record net profit or net loss. (iv)Ownership: Social clubs are owned by members, while LLCs are owned by shareholders or members. (v)Financial Statements: Social clubs prepare income and expenditure accounts, while LLCs prepare profit and loss accounts.