CXC CSEC Principles of Accounts (POA) exam guide: Section 11: Accounting for Co-operatives



CXC CSEC Principles of Accounts Exam guide: Section 11: ACCOUNTING FOR CO-OPERATIVE SOCIETIES

CXC CSEC Principles of Accounts Exam Guide

Section 11: ACCOUNTING FOR CO-OPERATIVE SOCIETIES


SPECIFIC OBJECTIVES

The students should be able to:

CONTENT
1.

Identify the essential features of a Co-operative;

Nature of Co-operative societies; co-operative principals.

2. Identify types of Co-operatives;

Types of Co-operatives, for example, credit unions, agricultural societies.

3. Describe the various methods of raising capital for a Co-operative;

Raising capital for a Co-operative society; journal entries to record capital.

 

4. Prepare the Income Statement showing how surplus is distributed;

Preparation of Income Statement showing distribution of surplus.

5. Prepare the Balance Sheet of a Co-operative;

 

Preparation of Balance Sheet.

 


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