Chapter 8 Kakadva co operative society

1. Calculation of Milk Procured

Quantity Rate Cost (expense) Paid (payment) To be paid

(liability)
2,51,628 lit CM Rs.23 57,87,444 *164,89,671 4,02,398
3,00,125 lit BM Rs.37 111,04,625
168,92,069

2. Calculation of Milk Sold

Quantity Rate Price (income)Received To be received

(receipt) (Asset)
2,51,500 lit CM Rs.26 65,39,000 *167,68,105 17,70,895
3,00,000 lit BM Rs. 40 120,00,000
185,39,000

3. Cost of Cattle Fodder Purchased

Date Quantity Rate per Cost Freight Total Cost

Bags . bag

Jan 3, ‘Sumuldan’ 400 2410 9,64,000 1650 9,65,650

2010
Feb 2 ‘Cattle fodder dan 5000 287 14,35,000 4355 14,39,355
2010
23,99,000 24,05,005

4. Cost and Price of Cattle Fodder Sold

Total Total Cost of Quantity Cost of Cost of Price of bag

Quantity Purchase Unsold on Quantity Quantity Sold Cattle
Purchased 31st March Unsold (KOGS) Fodder Sold
Closing
Stock
‘Sumuldan’ 9,65,650 - - 12,00,000 3000
400
‘Cattle fodder 14,39,355 - - 17,50,000 350
dan’5000
24,05,005 29,50,000

5. Cost of Mineral Mixture, Fodder Block & Feed Block Purchased

Particulars Quantity Rate Rs.

Mineral Mixture 500 bags 55 27,500
Fodder Block 1000 78 78,000
Feed Block 1000 120 120,000
225,500

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 6. Sale of Mineral Mixture, Fodder Block & Feed Block Purchased

Particulars Quantity Rate Rs.

Mineral Mixture 500 60 30,000
Fodder Block 1000 85 85,000
Feed Block 1000 130 130,000
245,000

7. Cost of Suda & Electric Chaff Cutter Purchased

Particulars Quantity Rate Rs.

Suda 50 1200 60,000
ECC 700 25000 175,00,000
175,60,000

8. Sale of Suda & Electric Chaff Cutter to farmers

Particulars Quantity Rate Rs.

Suda 50 1200 60,000
ECC 700 20000 140,00,000
ECC (Subsidy) 700 5000 35,00,000
175,60,000

9. Expenses

Item Total amount Amount Actually Paid Amount Remained

Payable (Expenses) Unpaid
Electricity charges 98,709 98,709 -
Stationery expenses 10,000 10,000 -
Salary 1,33,200(3700*12*3) 1,22,100 11,100
Meeting Expenses 15,000 15,000 -
Training Expense 7500 7500 -
Total 2,64,409 2,53,309 11,100

10. Depreciation

Cost Non- Life Depre- Depreciation Net WDV on

Refundable in ciation Adjusted Against Depre- March
Grant yrs Grant ciation 31, 2010
Cooling Unit 1,80,000 72,000 8 13,500 - 13,500 94,500
Testing
Equipments
Furniture
Computer

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11. 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 167,68,105 Salary 1,22,100
Sale of Cattle fodder 29,50,000 Payment for milk 164,89,671
Sale of M M,Fob,Feb 2,45,000 Ele.expense 98,709
Subsidy for ECC 35,00,000 Office expense 10,000
Sale of Suda & ECC 140,60,000 Meeting expense 15,000
Pur. Of cattle fodder 24,05,005
Training fees 7,500
Pur. Of MM Fob Feb 2,25,500
Pur. Of Suda & ECC 175,60,000
Loan to farmers 1,20,000
Total Receipts 393,03,105 Total Payments 373,33,485
Balance as on 31st March, 2010 19,69,620
393,03,105
12. Profit and Loss Account of Kakadva Co-operative Society for the year ending on 31-
03-2010 First Method (100% Govt Grants adjusted against the cost of the Asset)
Income
I. Milk business
Sales 185,39,000
Less Cost of goods sold - 168,92,069
= Gross Margin 16,46,931
II. Cattle Fodder business
Sales 29,50,000
Less Cost of goods sold 24,05,005
Gross margin 5,44,995
III MM,FOB & FEB
Sales 2,45,000
Less Cost of goods sold 2,25,500
Gross margin 19,500
IV Suda & ECC
Sales 140,60,000
+ Subsidy from Government 35,00,000
175,60,000
Less Cost of goods sold 175,60,000
Gross margin 0
Total Gross Margin (I+II+III+IV) 22,11,426
Less Depreciation 13,500
Expenses 2,64,409
Total Expenses 2,77,909
Net Profit 19,33,517

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 13. 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 Rs. Assets Rs.
Equity share cap. 15,00,000 BCU 1,80,000
Net profit 19,33,517 NR grant - 72,000
Soft loan 1,08,000 1,08,000
Salary payable 11,100 Depreciation -13,500 94,500
Milk price payable 4,02,398 Computer 30,000
to the members
State. Gov.grant - 30,000 -
Testing machine 65,000
State. Gov.grant -65,000 -
Furniture 5,000
State. Gov.grant -5000 -
Debtors -Sumul 17,70,895
Cash & bank 19,69,620
Loan to Farmers 1,20,000
39,55,015 39,55,015
Second method for government grant
(Government grant is adjusted in proportion with Depreciation)
Liabilities Rs. Assets Rs.
Equity share capital 15,00,000 BCU 1,80,000
Net profit 19,33,517 Depreciation -22500 1,57,500
Soft loan 180000*60% 1,08,000 Computer 30,000
Salary payable 11,100 Depreciation - 6,000 24,000
Milk price payable to 4,02,398 Testing machine 65,000
the members
Reserve for BCU 72000 Depreciation -8,125 56,875
NDDB grant - 9000 63000 Furniture 5,000
Reserve for 30,000 Depreciation -625 4,375
computer
Govt. grant -6,000 24,000 Debtors -Sumul 17,70,895
Reserve for testing 65,000 Cash & bank 19,69,620
machine
Govt. grant -8,125 56,875 Loan to farmers 1,20,000
Reserve for furniture 5,000
Govt. grant -625 4,375
41,03,265 41,03,265

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14. 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 9000

Decrease in reserve for computer 6,000
Decrease in reserve for testing machine 8125
Decrease in reserve for furniture 625 23,750
Income
I Milk business
Sales 185,39,000
Less Cost of goods sold 168,92,069
= Gross Margin 16,46,931
II Cattle Fodder business
Sales 29,50,000
Less Cost of goods sold 24,05,005
Gross margin 5,44,995
III MM,FOB & FEB
Sales 2,45,000
Less Cost of goods sold 2,25,500
Gross margin 19,500
IV Suda & ECC
Sales 140,60,000
+ Subsidy from Government 35,00,000
175,60,000
Less Cost of goods sold 175,60,000
Gross margin 0
Total Gross Margin 22,35,176
Depreciation BCU 22,500
Depreciation computer 6000
Depreciation -testing machine 8125
Depreciation furniture 625
Total other Expenses 2,64,409 3,01,659

Net Profit 19,33,517