Part A Bennett and Barney decide to form a partnership. You are contracted to complete financial

Part A Bennett and Barney decide to form a partnership on 01/07/2018. 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_v1 you have been provided with a trial balance (and additional pertinent information of the partnership) as at 30 June 2019. 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. Ignore GST for this question. You are required to: Prepare the partnership Income Statement as at 30 June 2019. Prepare the Profit and Loss Appropriation Account Prepare the Partners’ current accounts. Prepare the Partnership Balance Sheet as at 30 June 2019. 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. 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. In the Microsoft excel file FNSACC414_AT2_TMP_TQM_v1 you have been provided with the Receipts, Payments and pertinent financial information for the year ended 30 June 2019. 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 2019 Prepare an Income and Expense Statement. Prepare a Statement of Assets and Liabilities. Review the statements and accounts for accuracy. Identify and advise who is responsible for signing and verifying the completed financial statements. Please record your response below. The organisational policies and procedures of a Not-for-Profit organisation will vary from those of a reporting entity in a number of areas, including the preparation of accounts and financial statements. Identify and explain 3 dis