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