The Brighter Teachers Credit Union share capital stands at $300,000. Shares were sold to the members at $3 each. The credit union's Trading and profit and loss account (Income statement) for year ended june 30, 2009 showed a surplus off 70 000. undistributed surplus broght foward from june 2008 was $55 000. The totl available surplus is to be shared in the following manner 1. 20% to be transferred to Teacher's education Development Fund. 2. 5 % to be given as charitable donation to the School for the Hearing Impaired. 3. 30 % tobe transferred to Loan Fund 4. 25% to be paid out as dividends to members. i. Prepare the Credit Union's Appropriation of Profits Account, June 30, 2009. ii. Calculate the dividend that was paid on Each share. iii. Calculate the Return on Capital Employed.
The Brighter Teachers Credit Union share capital stands at $300,000. Shares were sold to the members at $3 each. The credit union's Trading and
The totl available surplus is to be shared in the following manner
1. 20% to be transferred to Teacher's education Development Fund.
2. 5 % to be given as charitable donation to the School for the Hearing Impaired.
3. 30 % tobe transferred to Loan Fund
4. 25% to be paid out as dividends to members.
i. Prepare the Credit Union's Appropriation of Profits Account, June 30, 2009.
ii. Calculate the dividend that was paid on Each share.
iii. Calculate the Return on Capital Employed.
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