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4 marksCo-operatives

CSEC Principles of Accounts · January 2010 · Paper 2 · Question 7(b)

The Silver Quays Fishermen's Co-operative Society began operation on January 1, 2009 with 200 members, each purchasing 50 shares at $20 each.

Prepare the journal entry to show the 'start up' of the co-operative.

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Other parts of this question

  1. 7(a)(i)Identify TWO essential features of co-operatives.[2 marks]
  2. 7(a)(ii)State TWO similarities between co-operatives and corporations (Limited Liability Companies).[2 marks]
  3. 7(c)(i)Prepare the Credit Union's Appropriation of Profits Account for the year ended June 30, 2009.[6 marks]
  4. 7(c)(ii)Calculate the dividend that was paid on EACH share, showing your workings.[3 marks]
  5. 7(c)(iii)Calculate the Return on Capital Employed, showing your workings.[3 marks]

More practice: the rest of this paper · more Co-operatives questions · all CSEC Principles of Accounts past papers