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Csec Principles of Accounts

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CSEC: MAY 2013, QUESTION #6

4/4/2018

3 Comments

 
No. 6(a) (i): The fixed assets of Sautec Credit Union are:
  1. Loans to members
  2. Equipment
 
No. 6(a) (ii): The current liabilities of Sautec Credit Union are:
  1. The unpaid telephone bill.
  2. Mortgage interest outstanding.
  3. Interest income received in advance.
No. 6(a) (iii): Below is the Balance Sheet Extract of Sautec Credit Union showing the capital section as at 1st January 2013:
Picture
No. 6(b) (i): Below is the Journal of Sautec Credit Union showing the entries for the sale of shares and the receipt of registration fees in January 2013:
Picture
No. 6(b) (ii): Below is the Bank Account of Sautec Credit Union showing the entries for the receipts and payments made on 2nd January 2013:
Picture
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3 Comments
Destiny Wallace
4/8/2019 05:03:23 pm

I don't understand why member's welfare fund, education fund, unappropriated profits are in the capital section of the balance sheet

Reply
Ashley F.
6/27/2021 01:44:37 am

Why did you put a General Twice in place of the Bank Account? It is completely the same. I am confused. Please help.

Reply
Patrick Washington link
10/18/2022 01:27:42 am

Whom billion call research local increase coach. Several outside environment since where. Would which general staff police decision recognize.

Reply



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    The author holds a Bsc (Hons) Degree in Applied Accounting from Oxford Brookes University, England and enjoys a successful career as an Accounting Supervisor and a private tutor.

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