You've just been assigned as a bookkeeper on an internship at Stonington Badminton Club.

1. The team at Stonington Badminton Club have provided you with the organisational policy and procedures and financial information to help you in preparing their financial statements in Tasks 14 -19.
2.  

General Information & Policy and Procedures

• The membership fee is paid annually. This is not expected to change in the near future.
• The club is not registered for GST. The land on which the club is located is owned by the council. The council has also provided the courts, and beyond upkeep and maintenance, there is no charge to the club.
• The clubhouse is also owned by the council. The rent is $1,000 per month. The club is responsible for maintenance and minor repairs. Major repairs are paid by the council.
• The asset, Machinery comprises lawnmowers, line markers and power cleaner.
• The asset, Equipment comprises computer equipment, coffee machine and food preparation equipment and games machines.
• Review statements for errors and compliance with accounting standards and organisational procedures and amend if necessary.
• Check internal and external financial data provided to confirm their consistency and accuracy.

 

Financial Information for the financial year 2021

• The value of food and drink stock on June 30, 2021, was $4,320.
• Bar Wages paid for bar staff of the year 2021 were $22,140
• Accounts payable (for electricity and gas) on June 30, 2021, amounted to $220. The balance owing at the start of the year was also for electricity and gas.
• Depreciation expense to be added on assets is $7,500 for machinery, $7,700 for equipment ($4,500 of which was for bar kitchen equipment), and $320 for furniture.
• Kitchenware is not depreciated. Replacement of broken kitchenware is accounted for as an expense.
• On June 30.2021 there were $1,035 subscriptions in arrears and $2,160 in advance.
• Accrued Bar wages at the start of the year July 1, 2020, were $400
• Total Accrued wages on June 30, 2021, amounted to $1,140, out of this total amount only $840 was for Accrued Bar wages on June 30, 2021.

 

The Statement of Assets and Liabilities and the Receipts and Payment Summary have also been attached and you may view these documents below

Statement of assets and liabilities as at June 30 2020
	$	$	$
Current Assets
Cash at Bank		10,450
Food and drinks stock		2,200
Subscriptions in arrears		1,125	13,375
Non-Current Assets
Kitchenware		1,400
Machinery	37,500
Less Accumulated Depreciation	-         18,600	18,900
Equipment	38,500
Less Accumulated Depreciation	-         16,570	21,930
Furniture	3,260
Less Accumulated Depreciation	-           1,140	2,120	44,350
Total Assets			58,125
Current Liabilities
Accounts Payable		250
Subscriptions in Advance		1,800
Accrued Wages		700	2,750
Non-Current Liabilities
Bank Loan		4,200	4,200
Total liabilities			6,950
Net Assets			51,175
Accumulated funds
Balance 1/7/2019		49,550
Net surplus for the year		1,625
Total accumulated funds			51,175

 

 

Summary of Receipts and Payments for the year ended June 2021
Receipts	$	Payments	$
Subscription from Members	20,700	Food and drinks	10,480
Restaurant and bar income	38,650	Wages	42,800
Games machines income	15,040	Rent	12,000
Rent of auditorium	6,200	Electricity and Gas	4,300
Court fees	15,400	Repairs	3,400
Competition fees	8,800	Telephone and internet	3,000
		Kitchenware replacements	120
		General expenses	640
		Furniture	1,160
		Bank Loan	4,200
		Interest on loan	110
		Trophies and other prizes	1,400
TOTAL RECEIPTS	104,790	TOTAL PAYMENTS	83,610

Task 17 Prepare and finalise Bar Trading Statement    Restaurant and Bar Trading Statement for the year ended June 30 2021
	$	$
Restaurant and Bar Income
Less: Food and drinks stock ending balance
Less: Other expenses