Accounting Policies and Procedures Assignment
- Country :
Australia
Bennett and Barney decide to form a partnership on 01/07/2020. You are contracted to complete the financial accounts and statements at the close of the first financial year.
Accounting Policies and Procedures
Bennett and Barney operate on an accrual basis with the financial year from 1 July to the 30 June the following year.
Partnership proceeds are divided as Bennett (1/3) and Barney (2/3).
In the Microsoft excel file FNSACC414_AT2_TMP_TQM_v2 you have been provided with a trial balance (and additional pertinent information of the partnership) as at 30 June 2021. Complete tasks 1 - 4 within the Microsoft excel file on the Part A tab. Use Excel formulae to link cells and calculate totals and subtotals, where appropriate.
You are required to:
- Prepare the partnership Income Statement as at 30 June 2021.
- Prepare the Profit and Loss Appropriation Account
- Prepare the Partners’ current accounts.
- Prepare the Partnership Balance Sheet as at 30 June 2021.
- The Partnership Deed (or Agreement) should articulate how the partnership will operate. These agreed areas of operation should also be documented in the organisational policies and procedures of a Partnership. Identify 3 critical financial aspects that must be included in the Partnership agreement and organisational policies and procedures. Please record your answer below.
- Capital to be contributed by each partner
- Profit and loss sharing ration
- Interest on partners’ capital and drawings
Part B
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
Each year, you (the contract bookkeeper) assemble their records and prepare annual reports and statements.
Accounting Policies and Procedures
Random Crew Social Club operates on an accrual basis with the financial year from 1 July to the 30 June the following year.
The club is not registered for GST.
All payments must be signed / authorised by 2 sitting members of the Committee. The Annual Statements must be signed / verified by 2 sitting members of the Committee.
As the club is a not-for-profit organisation they prepare a Statement of Receipts and Payments in lieu of a full Cash Flow statement.
Refer to Ch.2 – underpinning knowledge required to complete this task.
In the Microsoft excel file FNSACC414_AT2_TMP_TQM_v2 you have been provided with the Receipts, Payments and pertinent financial information for the year ended 30 June 2021. Complete tasks 1 - 5 within the Microsoft excel file on the Part B tab. Use Excel formulae to link cells and calculate totals and subtotals, where appropriate.
You are required to:
- Prepare a statement of Receipts and Payments
- Complete the Members’ Subscriptions account
- Prepare a Merchandise Trading Statement as at 30 June 2021
- Prepare an Income and Expense Statement.
- Prepare a Statement of Assets and Liabilities.
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