FNSACC414 Prepare Financial Statements For Non-Reporting Entities Assessment

Part 3: Scenario

To complete this part of the assessment, read the scenario and complete the following task/s.

Scenario: not for profit organization

The Ministry of Magic Club is a not for profit organization. It is an important client for ABAFS. As a non-reporting entity, and as per its policies and procedures, you have been asked by your manager to review the financial information for the year ended 31 December 2022. Upon doing this, you will be required to prepare the appropriate financial statements. Information for year end 31 December 2022:

Additional Information for the year ended 31 December 2022:

Task1: performance statement

A. Members subscription account

Your first task is to prepare the Ministry of Magic Club’s members subscription account for the year ending 31 December 2022.
Use the template in FNSACC414_AE_Sk2of3_Appx_ExcelTemplates2.xlsx (Part 1 Task 1A) to complete the task.

B. Bar trading account

Next you are required to prepare the bar trading statement for the year ending 31 December 2022.
Use the template in FNSACC414_AE_Sk2of3_Appx_ExcelTemplates2.xlsx (Part 1 Task 1B) to complete the task.

C. Income and expenditure statement

Next you are required to prepare the income and expenditure statement for the year ending 31 December 2022.
Use the template in FNSACC414_AE_Sk2of3_Appx_ExcelTemplates2.xlsx (Part 1 Task 1C) to complete the task.

Task 2: statement of financial position

Prepare the statement of assets and liabilities (balance sheet).

Use the template in FNSACC414_AE_Sk2of3_Appx_ExcelTemplates2.xlsx (Part 1 Task 2) to complete the task.

Task 3: cash flow statement

Prepare a statement of cash flows for the year ending 31 December 2022.

Use the template in FNSACC414_AE_Sk2of3_Appx_ExcelTemplates2.xlsx (Part 1 Task 3) to complete the task.

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