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Random Crew Social Club are a four-wheel driving social club, managed by the following committee:

• President Rick Stanley
• Vice President Barbara Bonhotham
• Secretary Thomas Ford
• Treasurer Belinda Smith

The 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 Clubs 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

Following GPC Bookkeeping policies and procedures you are required to perform the following tasks:

1. Complete the Members Subscriptions account.
2. Prepare 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.
3. 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.
4. Prepare a Statement of Assets and Liabilities.
5. 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)
6. 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.

Random Crew Social Club Statement of Receipts and Payments for the year ended 30 June 2022 Receipts Payments Excess of Receipts over Payments for the year Cash at Bank balance 01 July 2020 Cash at Bank balance 30 June 2021 \begin{tabular}{l} Merchandise Trading for the year ended 30 June 2022 \\ Sales \\ Gross Surplus \\ Less Expenses \\ Surplus to Income and Expenditure \\ \hline \end{tabular} Members Subscriptions \begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{ Random Crew Social Club } \\ Income \& Expenditure Statement for the year ended 30 June 2022 \\ Income Expenditure & \\ Net Surplus to Accumulated Funds & - \\ \hline \end{tabular}

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