Instructions: Review the information provided about cash receipts and payments for the year ended 30th June 2022.
Question:
Instructions:
- Review the information provided about cash receipts and payments for the year ended 30th June 2022.
- Using the provided data, complete the following tasks:
- Prepare an Income Statement (Profit and Loss Statement) for the year ended 30th June 2022.
- Prepare a Cash Flow Statement for the year ended 30th June 2022.
- Prepare a Statement of Financial Position (Balance Sheet) as of 30th June 2022.
- Adhere to the organization's policies and industry standards while preparing the financial statements.
- Ensure all calculations are accurate and properly documented.
Resources:
- The Rockstar Bar Club's Constitution (provided in class)
- Calculator (if required for calculations)
- Prescribed text (provided for reference)
Submission Guidelines:
- Your completed financial statements should be submitted by the specified deadline.
- Use the prescribed format for financial statements, including headings and subtotals.
- Ensure your work is neat, well-organized, and easy to follow.
Cash receipts and payments for the year ended 30th June 2022:
Cash Receipts: | $ | Cash Payments: | $ |
Subscriptions | 11,000 | Bar purchases | 12,000 |
Bar sales | 30,000 | Payments to accounts payable | 6,000 |
Hire of function room | 5,300 | Telephone | 900 |
Insurance | 1,200 | ||
Cleaner's wages | 1,500 | ||
Electricity | 800 | ||
Bar wages | 5,000 | ||
Bank Loan interest | 2,900 | ||
Rent paid | 10,000 | ||
$46,300 | $40,300 |
Assets & Liabilities as at | 1 July 2021 | 30 June 2022 |
Bank | 15,000 | (Please find this missing amount after completing your statement of receipts and payments)21,000 |
Bar inventory | 2,600 | 2,400 |
Subscription in arrears | 220 | 880 |
Subscription in advance | 800 | 270 |
Bar equipment - at cost | 35,000 | 35,000 |
Accumulated depreciation - bar Equipment | 5,000 | 6,000 |
Bank Loan (Due 30/6/20) | 16,000 | 16,000 |
Accounts payable (bar) | 1,000 | 2,000 |
Accrued bar wages | 0 | 100 |
Prepaid rent expense | 0 | 500 |
Accumulated funds | 30020 |
Question 1
From the following information, you are required to preparetheBar clubTradingStatement(tocalculatesurplusordeficitfrombartrading)
Question 2
Prepare a Statement of Receipts and Payments for the year ended 30th June 2022
Question 3
Prepare a Classified Statement of Assets & Liabilities as of 30th June 2022
Question 4
Prepare a Statement of Income & Expenditure for the year ended 30th June 2022
Question 5
Question 6
Based on the case study calculate financial ratios for liquidity, activity, and profitability by using the financial data provided. Analyse the significance of these calculations in evaluating the financial health and performance of the Rockstar Bar Club.
Prepare Cash Flow Statement for the year ended 30th June 2022
Accounting Business Reporting For Decision Making
ISBN: 9780730302414
4th Edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver