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Al Noorani

Al Noorani

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Published by Naeem Uddin
Financial statements of Al Noorani
Financial statements of Al Noorani

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Published by: Naeem Uddin on Jan 31, 2009
Copyright:Attribution Non-commercial

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06/16/2009

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AL-NOORANI MULTIPURPOSE CO-OPERATIVE SOCIETY LIMITEDBALANCE SHEETAS AT JUNE 30, 20072007 2006Note Rupees RupeesCAPITAL EMPLOYED
Fixed assets3 962,346 1,047,124Investments4 20,523,623 18,071,051
NET WORKING CAPITAL (DEFICIT)CURRENT ASSETS
Loan to members5 2,152,835 1,508,166Advances & prepayment 6 568,934 503,086Receivables7 10,955,428 8,259,936Cash and bank balances8 10,135,216 11,722,81123,812,413 21,993,999
LESS: CURRENT LIABILITIES
Members account9 26,936,622 25,716,472Profit payable on fixed deposit - 74,158Accrued expenses10 145,828 95,180Dividend payable 19,160 20,040Suspense deposit against loan sureties 32,000 32,000Provision for taxation 395,692 154,10927,529,302 26,091,959(3,716,889) (4,097,960)17,769,080 15,020,215
REPRESENTED BY:
Share capital11 317,025 200,395Members' participation fund deposit 3,770,715 3,318,205Reserves and funds12 4,221,734 3,369,953Reserves for loan losses 248,962 248,962Unappropriated surplus 9,210,644 7,882,70017,769,080 15,020,215These accounts should be read in conjunction with the annexed notes. __________ _____________________ _________________Chairman Honorary Secretary Honorary Treasurer 
 
AL-NOORANI MULTIPURPOSE CO-OPERATIVE SOCIETY LIMITEDINCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED JUNE 30, 20072007 2006Note Rupees RupeesINCOMEFrom :
Members 166,748 182,258Co-operative societies 877,055 879,315Investment and scheduled banks 1,847,077 1,144,526Government securities 2,351,558 1,835,835Others13 4,012 5,8785,246,450 4,047,812
EXPENDITURE
Administrative and general expenses14 581,587 499,476Financial expenses15 2,023,998 1,756,656(2,605,585) (2,256,132)Surplus for the year before taxation 2,640,865 1,791,680
Taxation
- Current 395,692 154,109- Prior - (74)395,692 154,035
Surplus for the year after taxation
2,245,173 1,637,645Unappropriated surplus brought forward 7,882,700 6,920,154Surplus available for appropriation10,127,873 8,557,799
Appropriations :
Statutory reserve @ 10% (2006: @ 10%)(Note 12.1) 224,517 163,765Building fund @10% (2006: @ 10%)(Note 12.2) 224,517 163,765Proposed dividend @ 10% (2006 : @ 10%) 19,160 20,040Golden Jubilee @ 5% (2006: nil)(Note 12.4) 112,259 81,882Reserve for charity @ 5 % (2006: 5%)(Note 12.5) 112,259 81,882Reserve for education @ 10% (2006: 10%)(Note 12.6) 224,517 163,765917,229 675,099Unappropriated surplus carried forward9,210,644 7,882,700These accounts should be read in conjunction with the annexed notes. __________ ___________________ _________________Chairman Honorary Secretary Honorary Treasurer 
 
AL-NOORANI MULTIPURPOSE CO-OPERATIVE SOCIETY LIMITEDNOTES TO THE ACCOUNTSFOR THE YEAR ENDED JUNE 30, 20061NATURE OF ACTIVITY2SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies which have been adopted in the preparation of these accounts are as follows: 
2.1Accounting Convention2.2Fixed Capital Expenditure
Fixed assets are stated at written down value. 
2.3Taxation2.4Investments
All other investments are stated at cost.
2.5Revenue Recognition
 The society was established on April 22, 1976 and is registered under The Co-operative Societies Act, 1925. Mainobjects of the society are to help and assist members of the Ismaili community to establish themselves in their respective professions, business, commerce and industry and generally to promote the economic welfare of themembers by advancing loan, assistance and counseling.These accounts have been prepared on the historical cost convention without any adjustments for theeffects of inflation or revaluation of assets.Depreciation is charged to income applying the declining balance method whereby the cost of an asset iswritten off over its estimated service life. Depreciation on additions to fixed assets during the year is chargedfor the whole year while no depreciation is charged on items disposed off during the year.Maintenance and normal repairs are charged to income as and when incurred. Major renewals andimprovements are capitalized and the assets so replaced, if any, are retired. Profit and loss on sale or retirementof fixed assets is included in income currently.The charge for current taxation is based on taxable income at current tax rates after considering therebates and tax credits available, if any.Investments in government securities have been stated at realizable value, calculated under the rules of thescheme, based on the assumption that such investments will be held till maturity.Income is recorded on accrual basis. Profit on Defence Saving Certificates is accrued based on the rateapplicable to that respective year for the number of days held on the assumption that such investments will beheld till the maturity. Dividends are recorded when the right to receive is established.

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