Wednesday, February 29, 1984.

 

 

 

 

 

 

 

 

THE OTHER-PUBLICATIONS SOCIETY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

xpenses Statement of members’ deficit
for the year ended 31 August 1983
ust 1983
1983 1982
(unaudited :
and restated 1983 1982
- Note 2 (unaudited)
MEMBERS' EQUITY, beginning of year
$ 13,510 $ 6,461 As previously reported $ 4,583 $ 3,748
15,551
wae 145 Prior period adjustments - Note 2
,157 Equipment purchases (cumulative) (3,859) (3,693)
seals) ease ’ Reduction of accounts payable 1,734 -
As restated 2,458 55
7,046 4,813 NET INCOME/(LOSS) FOR THE YEAR (4,084) 2,403
3,766 1,611 as
»794 6,377
ae 166 MEMBERS' EQUITY/(DEFICIT), end of year $ (1,626) _ $ 2,458
825 ~
THE OTHER PUBLICATIONS SOCIETY
4,844 12,967
Se Beta St ealenue Notes to the financial statements
as at 31 August 1983
1,950 -
2,148 3,354 :
; a ‘ ee NOTE 1 - Significant accounting policies
1,385 1 a) Equipment purchases
ae _ (1,734) Equipment purchases are expensed in the year of ‘acquisition.
1,291 526 b) Accrual basis
11,431 6,787 These financial statements have been prepared on an accrual
basis and consequently reflect revenue in the period earned
36,275 19,754 rather than in the period collected, and reflect expenses in
$4,088) $2,403 the period incurred rather than in the period paid.
NOTE 2 - Prior period adjustments
Equipment purchases
982 In prior years, the Socity recorded equipment purchases as fixed
1983 1 ay assets and depreciated such equipment on a declining balance
(unaudited): basis. The net book value of these assets as at 31 August 1982
was $3,859. This amount has been charged against Members’ Equity
5 as a prior period adjustment in the current year, and the prior
$ 3,322 5 Stee. year has been restated to reflect this equipment expense. It is
2,539 ae not known to which accounts prior years’ depreciation expense was
= charged.
$ 5,861 $ 3,707
Accounts payable as at 31 August 1982
Due to a change in Society staff during the year and the
unavailability of former staff members, the composition of the
; “1.249 accounts payable at 31 August 1982 is not known. The portion of
$ 7,487 $ 1, the opening balance not reconciled ($1,734) has been charged
against Members' Equity as a prior period adjustment and the prior
year's accounts payable have been reduced accordingly.
;
| a pike NOTE 3 - Comparative figures
; 3.707 Certain prior year's unaudited figures have been re-classified
$_5,861 $_3, where necessary to conform to current presentation.