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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
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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