asked to provide the closing journal entries for the nominal accounts and to journalize the allocation of the undivided net surplus. Revenues Cost of Revenues Operating Expenses Interest Expense 1,850,000 600,000 400,000 150,000 The cooperative adheres to the maximum required allocation of the undivided net surplus based on RA 9520. The remainder will be allocated as 50% for interest on share capital and 50% for patronage refund. 50% of the CETF will be paid in cash to their affiliation. One member requested to withdraw P1,250.00 as his interest on share capital and P2,500 as his patronage refund. Required: Journalize the closing entries, the allocation of net surplus, the allocation of CETF, and the payment of interest on share capital and patronage refund.

asked to provide the closing journal entries for the nominal accounts and to journalize the allocation of the undivided net surplus. Revenues Cost of Revenues Operating Expenses Interest Expense 1,850,000 600,000 400,000 150,000 The cooperative adheres to the maximum required allocation of the undivided net surplus based on RA 9520. The remainder will be allocated as 50% for interest on share capital and 50% for patronage refund. 50% of the CETF will be paid in cash to their affiliation. One member requested to withdraw P1,250.00 as his interest on share capital and P2,500 as his patronage refund. Required: Journalize the closing entries, the allocation of net surplus, the allocation of CETF, and the payment of interest on share capital and patronage refund.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Activities Required In Completing A Quality Audit

Section: Chapter Questions

Problem 65RSCQ

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