Question
ABC Multi-Purpose Cooperative provided you the following information on the results of its annual operations for calendar year ending December 31, 2018: Interest income on
ABC Multi-Purpose Cooperative provided you the following information on the results of its annual operations for calendar year ending December 31, 2018:
Interest income on loan P845,000
Service fees 47,000
Membership fees 2,000
Operating expenses 311,000
Percentage declared by the Board:
Allocation for interest on share capital 50%
Allocation for patronage refund 50%
Total average share months P2,000,000
Based on the above information, compute the total statutory reserves to be deducted from the net surplus pursuant to provision of the Cooperative Code
A. P87,450
C. P174,900
B. P116,600
D. P204,050
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