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6 marksCo-operatives

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

The Brighton Teachers Credit Union's share capital is 300 000 (3 per share). Net surplus for year ended June 30, 2009 is 70 000; undistributed surplus brought forward is 55 000. Total available surplus is shared: 20% to Teachers' Education Development Fund, 5% donation to School for Hearing Impaired, 30% to Loan Fund, 25% dividends to members.

Prepare the Credit Union's Appropriation of Profits Account for the year ended June 30, 2009.

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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(b)Prepare the journal entry to show the 'start up' of the co-operative.[4 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