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Q6. Given that account balances of LUMUCO Farm Input Supply Cooperative, at the end of its financial year on 31 December, 2019 are as shown

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Q6. Given that account balances of LUMUCO Farm Input Supply Cooperative, at the end of its financial year on 31" December, 2019 are as shown in table 3 below. You are required to prepare the Trading and Profit and Loss account for this cooperative for the period 19 January to 31 December, 2019. (7 Marks) Table 3; Account balances of LUMUCO Farm Input Supply Cooperative; 31" December, 2019 S/N Account Name Balance (K) 1 Purchases by Patrons 960,700 2 Taxes 7,489 3 Utility costs 4,425 4 Depreciation 16,084 5 Cost of purchases by patrons 749,100 6 Legal and Auditing costs 7,637 7 Miscellaneous costs 24,289 8 Insurance costs 6,326 9 Other revenues received 4,831 10 Other expenses 12,725 11 Patronage refunds received 23,688 12 Sales and wages costs 112,516

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