STION 5- Prepare the Appropriationermen's Cooperative Society. *The Sharks Bay Fishermen's Cooperative Society has a share capital $150 000. TheIncome and Expenditure Account for the year ending March 31, 2006 shows a surplus of$36 200. Undistributed surplus brought forward from the previous year is $6 000. Themanagement committee decided that the surplus should be shared in the followingmanner:i. 18% is to be transferred to a statutory reserve account.11. 15% is to be placed in a scholarship fund for fishermen's children.i11. Dividends should be paid to members at the rate of ten cents to the dollariv. A donation of $10 000 is to be made to members who suffered hurricanedamages.Prepare the Appropriation Account of The Sharks Bay Fishermen's Cooperative Society.1 Add fileDateDatemm/dd/yyyyQUESTION 3 A. State the significance of the brought down balance onbointeFACH nartrieCurrent account

ANSWER LET US FIRST LIST OUT THE DETAILS GIVEN IN THE QUESTION RELATING TO SHARK’S BAY FISHERMENS…

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Prepare the Appropriation Account of The Sharks Bay Fishermen's Cooperative Society

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

STION 5- Prepare the Appropriation
ermen's Cooperative Society. *
The Sharks Bay Fishermen's Cooperative Society has a share capital $150 000. The
Income and Expenditure Account for the year ending March 31, 2006 shows a surplus of
$36 200. Undistributed surplus brought forward from the previous year is $6 000. The
management committee decided that the surplus should be shared in the following
manner:
i. 18% is to be transferred to a statutory reserve account.
11. 15% is to be placed in a scholarship fund for fishermen's children.
i11. Dividends should be paid to members at the rate of ten cents to the dollar
iv. A donation of $10 000 is to be made to members who suffered hurricane
damages.
Prepare the Appropriation Account of The Sharks Bay Fishermen's Cooperative Society.
1 Add file
Date
Date
mm/dd/yyyy
QUESTION 3 A. State the significance of the brought down balance on
bointe
FACH nartrie
Current account

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