Question 1 The Happyville Social Club's Constitution requires it to prepare annual financial statements and present them to members at the Annual General Meeting. Using the following information provided by the Happyville Social Club, you are required to complete the following tasks in line with the organisation's and accepted industry policies and procedures: a) Calculate credit bar purchases b) Calculate the bar wages expense c) Prepare a Bar Trading Statement (to calculate surplus or deficit from bar trading) d) Calculate subscription income e) Calculate rent expense f) Prepare a Statement of Income & Expenditure for the year ended 30th June 2021 g) Prepare a Trial Balance at 1st July 2020 (to calculate Accumulated Funds at July 1 2020) h) Prepare a Statement of Receipts and Payments for the year ended 30th June 2021 i) Prepare a Classified Statement of Assets & Liabilities as at 30th lune 2071 ULDU JUL 2021 Cash receipts and payments for the year ended 30th June 2021: $ $ Cash Receipts: Subscriptions Bar sales Hire of function room 11,000 30,000 5,300 12,000 6,000 900 1,200 Cash Payments: Bar purchases Payments to accounts payable Telephone Insurance Cleaner's wages Electricity Bar wages Bank Loan interest Rent paid 1,500 800 5,000 2,900 $46,300 10,000 $40,300 Assets & Liabilities as at 30 June 2021 Bank 1 July 2020 15,000 2,600 ? 2,400 220 880 800 270 Bar inventory Subscription in arrears Subscription in advance Bar equipment-at cost Accumulated depreciation - bar equipment Bank Loan (Due 30/6/17) Accounts payable (bar) Accrued bar wages Prepaid rent expense 35,000 5,000 16,000 1,000 35,000 6,000 16,000 2,000 100 500