CSEC: MAY 2013, QUESTION #6

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:

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:

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:

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