Quelpr
10 marksCo-operatives

CSEC Principles of Accounts · May/June 2012 · Paper 2 · Question 7(c)

For the year ended 31 December 2011, the board records a surplus of 157 500 and plans to transfer 32 600 to Members' Education Fund, pay $27 500 in dividends, and retain the remainder.

Prepare a classified Balance Sheet for Liontown Co-operative for the year ended 31 December 2011 (second year of operation), taking the appropriation of surplus into consideration.

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Other parts of this question

  1. 7(a)Prepare the Income Statement and the Appropriation Account for Liontown Co-operative for the first year ended 31 December 2010.[6 marks]
  2. 7(b)(i)Identify the type of co-operative under which Liontown was classified in the operation of its (a) first year, and (b) second year.[2 marks]
  3. 7(b)(ii)Name ONE committee that Liontown is LIKELY to use to carry out its business.[1 mark]
  4. 7(b)(iii)State ONE purpose of the Members' Education Fund.[1 mark]

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