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Chapter 8

Kakadva co operative society

1. Calculation of Milk Procured Quantity 4,51,628 lit Rate Rs.20 Cost (expense) Paid (payment) To be paid (liability) 90,32,560 *86,30,162 4,02,398

2. Calculation of Milk Sold Quantity 4,51,500 lit Rate Rs.20.45 Price (income) 92,33,175 Received (receipt) *74,62,280 To be received (Asset) 17,70,895

3. Cost of Cattle Fodder Purchased


Date Jan 3, 2010 Feb 2 2010 Quantity Bags . Sumuldan 400 Cattle fodder dan 5000 Rate per bag 2410 Cost 9,64,000 Freight 1650 4355 Total Cost 9,65,650 14,39,355 24,05,005 Cost per bag. 2414.125 287.871

287 14,35,000 23,99,000

4. Cost and Price of Cattle Fodder Sold


Total Quantity Purchased Sumuldan 400 Cattle fodder dan5000 Total Cost of Purchase Quantity Unsold on 31st March Cost of Quantity Unsold Closing Stock Cost of Price of bag Quantity Sold Cattle (KOGS) Fodder Sold 12,00,000 17,50,000 29,50,000 3000 350

9,65,650 14,39,355 24,05,005

5. Expenses Item Electricity charges Stationery expenses Salary Meeting Expenses Total

Total amount Payable (Expenses) 98,709 10,000 1,33,200(3700*12*3) 15,000 2,56,909

Amount Actually Paid 98,709 10,000 1,22,100 15,000 2,45,809

Amount Remained Unpaid 11,100 11,100

6. Depreciation
Cost NonRefundable Grant Life in yrs Depreciation Depreciation Adjusted Against Grant Net Depreciation WDV on March 31, 2010

Cooling Unit 1,80,000 72,000 8 13,500 13,500 94,500 Testing Equipments Furniture Computer 7. Cash at Bank A/c Receipts Rs. Payments Rs. Equity share capital 15,00,000 Purchase of BCU 1,80,000 NRG NDDB BCU 72,000 Purchase of computer 30,000 Soft loan NDDB 1,08,000 Pur.of test.machine 65,000 State Govt. .grant 1,00,000 Pur. Of furniture 5,000 Sale of milk 74,62,280 Salary 1,22,100 Cattle fodder sold 29,50,000 Payment for milk 86,30,162 Ele.expense 98,709 Office expense 10,000 Meeting expense 15,000 Pur. Of cattle fodder 24,05,005 Total Receipts 121,92,280 Total Payments 115,60,976 Balance as on 31st March, 2010 6,31,304 121,92,280 8. Profit and Loss Account of Kakadva Co-operative Society for the year ending on 3103-2010 First Method (100% Govt Grants adjusted against the cost of the Asset) Income I. Milk business Sales Less Cost of goods sold = Gross Margin II. Cattle Fodder business Sales Less Cost of goods sold Gross margin Total gross margin Less Expenses - Depreciation Total Expenses Net Profit 13,500 2,56,909 475201 29,50,000 24,05,005 5,44,995 7,45,610 92,33,175 90,32,560 2, 00,615

9. Balance sheet of Kakadva Cooperative Society as on 31st March 2010 First Method for government grant
(100% Govt Grants adjusted against the cost of the Asset)

Liabilities Equity share capital Net profit Soft loan Salary payable Milk price payable to the members

Rs. Assets 15,00,000 BCU 4,75,201 NR grant 1,08,000 11,100 Depreciation 4,02,398 Computer

Rs. 1,80,000 - 72,000 1,08,000 -13,500 30,000

94,500

State. Gov.grant Testing machine State. Gov.grant Furniture State. Gov.grant Debtors -Sumul Cash & bank 24,96,699 Second method for government grant (Governgrant is adjusted in proportion with Depreciation) Liabilities Rs. Assets Equity share capital 15,00,000 BCU Net profit 4,75,201 Depreciation Soft loan 180000*60% 1,08,000 Computer Salary payable 11,100 Depreciation Milk price payable to 4,02,398 Testing machine the members Reserve for BCU 72000 Depreciation NDDB grant - 9000 63000 Furniture Reserve for 30,000 Depreciation computer Govt. grant -6,000 24,000 Debtors -Sumul Reserve for testing 65,000 Cash & bank machine Govt. grant -8,125 56,875 Reserve for furniture 5,000 Govt. grant -625 4,375 2644949

- 30,000 65,000 -65,000 5,000 -5000

17,70,895 6,31,304 24,96,699

Rs. 1,80,000 -22500 30,000 - 6,000 65,000 -8,125 5,000 -625 157500 24,000

56,875 4,375 17,70,895 6,31,304

2644949

10. Profit and Loss Account of Kakadva Co-operative Society for the year ending on 31-03-2010 Second Method (Governgrant is adjusted in proportion with Depreciation)

Decrease in reserve for BCU Decrease in reserve for computer Decrease in reserve for testing machine Decrease in reserve for furniture Income III. Milk business Sales Less Cost of goods sold = Gross Margin IV. Cattle Fodder business Sales Less Cost of goods sold Gross margin Total gross margin Less Expenses - Depreciation -BCU Depreciation computer

9000 6,000 8125 625 23,750

92,33,175 90,32,560 2,00,615

29,50,000 24,05,005 5,44,995 7,69,360 22500 6000 8125 625 2,56,909 2,94,159 4,75,201

Depreciation -testing machine Depreciation Total Expenses Net Profit furniture

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