Accretion disk in the binary system V367 Cygni

New photoelectric observations of the interacting binary V367 Cyg were made during two consecutive seasons, 1996 and 1997, using the two-channel photo meter at Mt. Suhora Observatory. The BVRI light curves are analyzed and sys tem parameters are derived for two alternative models: with and without an accretion disk. A contact configuration is obtained for the no-disk model. The semidetached model, with a disk around the invisible component gives a better fit and, in addition, explains most of the observed features of V367 Cyg. The disk in V367 Cyg has a radius of about R-d = 23 R-circle dot, alm ost completely filling the secondary component's Roche lobe. Mass is transf erred from the less massive (3.3 M-circle dot) to the more massive (4.0 M-c ircle dot) star at a high rate of 5-7 10(-5) M-circle dot/yr.