Clubs

Introduction

This assessment activity requires you to complete financial statements and a treasurer’s report for the Epsom Community Gym annual general meeting. The club is not registered for GST, so GST is ignored in this activity.

The club owns its Gym Equipment and Gym Building. Members are currently fundraising to replace some of the old Jackets and Gym Equipment. The major fundraising activity for the year is a Dinner Nite.

You are required to complete:

Cash Flow Statement

Dinner Nite Activity Statement

Income Statement

Balance Sheet with property, plant and equipment note

Treasurer’s Report.

You need to prepare complete financial statements with no foreign items that include:

balance day adjustments where the figure is provided

balance day adjustments where the figure requires a calculation.

You need to also prepare a treasurer’s report that explains what the financial statements show, using both financial and non-financial information.

Question One: Financial Statements for Epsom Community Gym

The Epsom Community Gym had the following cash transactions during the year ended 31 July 2011.

Cash Transactions | $ |

Subscriptions Received | 57285 |

Gym staff wages | 32800 |

Mortgage repayments | 2970 |

Gym electricity | 460 |

Received interest on term deposit | 900 |

Dinner Nite Raffle Sales | 14600 |

Dinner Nite tickets Sales | 18900 |

Caretaker’s wages | 5800 |

Purchase of Finger Food for Dinner Nite | 2150 |

Club Maintenance expenses | 4360 |

Hire of lights for Dinner Nite | 300 |

Advertising for Dinner Nite | 830 |

Medical supplies used | 700 |

Printing cost | 450 |

Cleaning expenses after Dinner Nite | 130 |

Grant received | 15000 |

Treasurer’s honorarium | 400 |

Secretary’s honorarium | 600 |

Affiliation fees | 450 |

Purchase of Staff Jackets | 1200 |

Travelling expenses | 1400 |

Sold damaged Staff Jackets | 900 |

Interest on Mortgage | 4000 |

Additional Information continued on...