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Random Crew Social Club are a four-wheel driving social club, managed by the following committee:
President Rick StanleyVice President Barbara BonhothamSecretary Thomas FordTreasurer Belinda SmithThe Social Club as a Not-for Profit (NFP) organisation 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
Prepare a statement of Receipts and Payments Complete the Members' Subscriptions accountPrepare 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. 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.Prepare a Statement of Assets and Liabilities.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)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.
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