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COOPERATIVES

The income statement for Printer’s Cooperative Credit Union Ltd. for the year ended December 31, 2015, shows total income of $45,780 and expenditures of $35,780, resulting in a surplus of $10,000. The statement of financial position indicates total assets of $611,800 against current liabilities of $72,000, leading to a working capital of $(18,750). The net book value of fixed assets is reported at $172,600.

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5 views

COOPERATIVES

The income statement for Printer’s Cooperative Credit Union Ltd. for the year ended December 31, 2015, shows total income of $45,780 and expenditures of $35,780, resulting in a surplus of $10,000. The statement of financial position indicates total assets of $611,800 against current liabilities of $72,000, leading to a working capital of $(18,750). The net book value of fixed assets is reported at $172,600.

Uploaded by

jhaidannehamilton
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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COOPERATIVES

29.2
Printer’s Cooperative Credit Union Ltd.
Income Statement for year ended 31 December 2015

Details $ $ $
Income
Interest on 34,600
Membership Loans
Interest on 11,180 45,780
Investment

Expenditure
Accounting 8,400
Expense
Auditor 1,950
remuneration
Advertising and 2,580
publicity (3,060-
480)
Repairs and 2,100
Maintenance
General Expense 4,630
Affiliation Fees
(2000+500)

Depreciation
Building (2/100 x 4,400
220,000)
Motor Vehicle 3,000
(10/100 x 30,000)
Interest on 6,220 (35,780)
Members Deposit
Surplus for the 10,000
year
Undistributed 7,650
Surplus b/d
17,650
Transfer to
reserve:
Statutory reserve (1,000)
(10/100 x 10,000)
16,650
Less Honoraria 1,500
Proposed Dividends 8,600
(2/100 x 43,000)
(10,100)
Undistributed profit 6,550
c/d

Printer’s Cooperative Credit Union Ltd.


Statement of Financial Position for year ended 31 December 2015

Details Cost $ Dep $ NBV $


Fixed Assets
Building at cost 220,000 64,000 155,600
Motor Vehicle 30,000 13,000 17,000
250,000 77,400 172,600

Investments 167,600 - 167,600


Loans to 271,600 - 271,600
membership
611,800
Current Assets
Cash and Bank 52,780
Balances
Prepayments 480
53,260

Current
Liabilities
Members Deposit 61,400
Proposed 8,600
Dividends
Accrued Expenses 500
Honorarium owed 1,500
(72,000)
Working Capital (18,750)
593,050

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