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

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

FINANCIAL ACCOUNTING
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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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
Transcribed Image Text: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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