Random Crew Social Club are a four-wheel driving social club, managed by the following committee:

• President Rick Stanley
• Vice President Barbara Bonhotham
• Secretary Thomas Ford
• Treasurer Belinda Smith

The Social Club as a Not-for Profit (NFP) organization have requested the services for GPC Bookkeeping Services to assemble their records and prepare annual reports and statements. They requested a Statement of Receipts and Payments in lieu of a full Cash Flow statement.

Random Crew Social Club operates on an accrual basis with the financial year from 1 July to the 30 June the following year. They are not registered for GST

It is the Social Club’s Policy that:

All payments must be signed / authorised by 2 sitting members of the Committee. The Finalised Annual Statements are printed upon verification and authorisation by the Treasurer.

It has been noted that the Random Crew Social Club called to advise that there have missing records on the purchases and rental payments files. However, they have the opening and closing amounts.

1: Prepare a statement of Receipts and Payments

2: Complete the Members’ Subscriptions account

3: Prepare a Merchandise Trading Statement as at 30 June 2022. Note: In light of the missing purchases information. You are required to perform a Purchases analysis working to determine the amount of purchases to include in the Merchandise Trading Statement.

4:Prepare an Income and Expense Statement. Note: In light of the missing rental information you are required to perform a rent account analysis working to determine the value of Rent expenses to be recorded in the Income and Expenses Statement.

5: Prepare a Statement of Assets and Liabilities.

6: Review the statements and accounts for accuracy. (Hint: If all tasks are linked correctly there should be no issues with the statement of Assets and Liabilities)

7: Write a letter to the Random Crew Social Club enclosing the prepared financial statements for verification and authorisation to print the finalised financial statement. In your letter also explain at least three distinguishing features in preparing financial accounts and financial statements of a Not-for-profit organisation in contrast with those of a Reporting Entities statements.
 
 
 
 
 
 

Receipts Random Crew Social Club Subscriptions from members 4WD Day trips - receipts Merchandise sales 47,300 6,780 39,800 Interest received 1,100 94,980 Payments Merchandise Coordinator wages 8,500 General wages 12,300 Prizes 6,810 Rent 16,700 Printing & Stationery 1,890 4WD Day trips expenses 5,440 Merchandise advertising 1,500 Accounts payable - merchandise purchases 26,000 79,140 Additional Information: 1/07/2021 30/06/2022 Cash at Bank 6,930 22,770 Term Deposits 22,000 22,000 4WD Day Trip Equipment (at cost) 7,300 7,300 Accounts payable (merchandise purchases) 6,400 8,200 Subscriptions in Advance 980 1,120 Subscriptions in Arrears 1,250 1,030 Merchandise inventory 8,400 9,700 Rent prepaid 1,000 600 Accumulated Funds 39,500 Depreciation to be provided: 4WD Day Trip Equipment 1,460