The Happyville Social Club's Constitution requires it to prepare annual financial statements and present them to...

 

 
  

 

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The Happyville Social Club's Constitution requires it to prepare annual financial statements and present them to members at the Annual General Meeting. Using the following information provided by the Happyville Social Club, you are required to complete the following tasks in line with the organisation's and accepted industry policies and procedures: a) Calculate credit bar purchases b) Calculate the bar wages expense c) Prepare a Bar Trading Statement (to calculate surplus or deficit from bar trading) d) Calculate subscription income e) Calculate rent expense f) Prepare a Statement of Income & Expenditure for the year ended 30h June 2021 g) Prepare a Trial Balance at 1* July 2020 (to calculate Accumulated Funds at July 1 2020) Cash receipts and payments for the year ended 30th June 2021: dS al 31 June 2021 Cash Receipts: Cash Payments: Subscriptions 11,000 Bar purchases 12,000 6,000 Bar sales 30,000 Payments to accounts payable Hire of function room 5,300 Telephone 900 Insurance Cleaner's wages 1,200 1,500 Electricity 800 Bar wages 5,000 Bank Loan interest 2,900 Rent paid 10,000 $46,300 $40,300 %24 $4 Assets & Liabilities as at 1 July 2020 30 June 2021 Bank 15,000 Bar inventory 2,600 2,400 Subscription in arrears 220 880 Subscription in advance Bar equipment – at cost 800 270 35,000 5,000 16,000 1,000 35,000 Accumulated depreciation- bar equipment 6,000 Bank Loan (Due 30/6/17) 16,000 2,000 Accounts payable (bar) 100 Accrued bar wages 500 Prepaid rent expense The Happyville Social Club's Constitution requires it to prepare annual financial statements and present them to members at the Annual General Meeting. Using the following information provided by the Happyville Social Club, you are required to complete the following tasks in line with the organisation's and accepted industry policies and procedures: a) Calculate credit bar purchases b) Calculate the bar wages expense c) Prepare a Bar Trading Statement (to calculate surplus or deficit from bar trading) d) Calculate subscription income e) Calculate rent expense f) Prepare a Statement of Income & Expenditure for the year ended 30h June 2021 g) Prepare a Trial Balance at 1* July 2020 (to calculate Accumulated Funds at July 1 2020) Cash receipts and payments for the year ended 30th June 2021: dS al 31 June 2021 Cash Receipts: Cash Payments: Subscriptions 11,000 Bar purchases 12,000 6,000 Bar sales 30,000 Payments to accounts payable Hire of function room 5,300 Telephone 900 Insurance Cleaner's wages 1,200 1,500 Electricity 800 Bar wages 5,000 Bank Loan interest 2,900 Rent paid 10,000 $46,300 $40,300 %24 $4 Assets & Liabilities as at 1 July 2020 30 June 2021 Bank 15,000 Bar inventory 2,600 2,400 Subscription in arrears 220 880 Subscription in advance Bar equipment – at cost 800 270 35,000 5,000 16,000 1,000 35,000 Accumulated depreciation- bar equipment 6,000 Bank Loan (Due 30/6/17) 16,000 2,000 Accounts payable (bar) 100 Accrued bar wages 500 Prepaid rent expense

Answer rating: 100% (QA)

Answer Solution a Credit bar purchases Closing balance of accounts payable payments to accoun... View the full answer