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  3. 1. a cooperative provided below their statement of

1. A cooperative provided below their statement of financial operation. You were tasked to provide...

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Accounting

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1. A cooperative provided below their statement of financial operation. You were tasked to provide the closing journal entries for the nominal accounts and fo journalize the allocation of the undivided net surplus. The cooperative adheres to the maximum required allocation of the undivided net surplus based on RA 9520 . The remainder will be allocated as 50% for interest on share capital and 50% for patronage refund. 50% of the CETF will be paid in cash to their afflilation. One member requested to withdraw P1,250.00 as his interest on share copital and P2,500 as his patronage refund. Required: Joumalize the closing entries, the allocation of net surplus, the allocation of CETF, and the payment of interest on shore capital and patronage refund

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