GOLF CLUB • KEW
Notes to the Financial Statements
For the Eight Months Ended 31 March 2014
(k) GST
Revenue, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred
is not recoverable from the Australian Taxation Office (ATO).
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of
GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of
financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing
activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in
receipts from customers or payments to suppliers.
(i) Trade and Other Payables
Accounts payable and other payables represent the liability outstanding at the end of the reporting period for goods
and services received by the company during the reporting period which remain unpaid. The balance is recognised
as a current liability with the amounts normally paid within 30 days of recognition as a liability.
(j) Short Term Investments
Investments with a maturity date between three and twelve months from balance date are classified as Short Term
Investments.
(k) Amounts in Trust
As noted in Note 16, the Company holds funds on trust for the benefit of other parties. The Company does not utilise
the funds for its own endeavours and as such disclose those funds held for the benefit of others as a liability until such
obligations to those parties are met.
2. Significant Revenue and Expenses
The following significant revenue and expense items are relevent
in explaining the Company’s financial performance:
Loss on sale of 50 Willow Grove
2014
$
-
2013
$
(93,410)
3. House Trading Statement
Eight Months Ended 31 March 2014
Twelve Months Ended 31 July 2013
Bar Catering
Total
Bar Catering
Total
$
$
$
$
$
$
Income
Sales
498,466
600,299 1,098,765
740,283
676,332 1,416,615
Plus Forfeited House Credits
5,912
-
5,912
11,314
-
11,314
504,378
600,299 1,104,677
751,597
676,332 1,427,929
Expenditure
Cost of Sales
(161,035) (175,558) (336,593)
(255,266) (229,046) (484,312)
Labour Costs
(186,073) (280,634) (466,707)
(237,710) (391,129) (628,839)
Repairs and Replacements
(1,289)
(4,149)
(5,438)
(4,907)
(4,179)
(9,086)
Depreciation
(1,714)
(602)
(2,316)
(2,570)
(923)
(3,493)
Other Costs
(20,373) (38,352)
(58,725)
(38,176) (63,816) (101,992)
(370,484) (499,295) (869,779)
(538,629) (689,093) (1,227,722)
Net Income / (Loss)
133,894
101,004
234,898
212,968 (12,761)
200,207
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