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Cashbook Exercise Revision Of Financial Statement Preparation - Accounting and Finance Assignment Help
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Assignment Task:
Task:
| Cashbook Exercise | ||||||||
| Revision Of Financial Statement Preparation | ||||||||
| Huey, Dewey and Louey form the Gourmet Club with a large number of their friends. The aim of the club is to provide a congenial meeting place, with bar and dining facilities, for socialising with friends and business associates. The club is incorporated in New South Wales on 2 January 2008 under the Registered Clubs Act 1976, and commences activities in rented premises soon afterwards. The following transactions relate to the month of January 2008. | ||||||||
| 2-Jan | Members contributed $5,000 to establish the club. | |||||||
| 3-Jan | Rent paid for club premises for six months in advance, $1,800. Liquor supplies purchased, $2,500. Chq.No's 25300 & 25301 respectively. |
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| 5-Jan | Borrowed from Southpac Bank $7,000. Huey, Dewey and Louey supplied Southpac Bank with personal guarantees. |
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| 7-Jan | Purchased second-hand furniture and fittings, $2,100 Chq No 25302. | |||||||
| 9-Jan | Leased recreational equipment on a monthly rental of $250. Paid first two months rental Chq No 25303. |
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| 11-Jan | Purchased catering supplies, $3,000 Chq No 25304. | |||||||
| 15-Jan | Opening night social function. Banked: Bar sales $3,200. Dining room takings, $2,700. |
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| 17-Jan | Hired cleaning staff and paid wages of $340 Chq No 25305. | |||||||
| 19-Jan | Donated $250 to the "Reduce Cholesterol Campaign". Chq No 25306. | |||||||
| 21-Jan | Purchased further liquor supplies $1,560, and catering supplies $1,240. These were acquired on credit. |
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| 23-Jan | Banked: Bar sales since 15 January total $2,130. Dining room takings since 15 January total $3,300. |
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| 25-Jan | Club directors decide to introduce linked poker machines. Pay $1,000 to a consultant to advise on selection of machines, placement in club, and poker machine management techniques and requirements. Chq No 25307. |
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| 26-Jan | Paid Macquarie University $500 for Huey (a director) to attend course on "Practical Accounting Skills for Club Managers". Chq No 25308. | |||||||
| 31-Jan | Banked: Bar sales since 23 January, $750. Dining room takings since 23 January, $1,250. |
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| 31-Jan | The Club invoiced Scrooge Fishing Club for Catering Services supplied for the month of January. The invoice totalled $1,235. | |||||||
| The following invoices were received on 31 January, but had not yet been written into the accounts. | ||||||||
| - Cleaner's wages $300 | ||||||||
| - Interest payable on bank loan $70 | ||||||||
| - Electricity $270 | ||||||||
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