Accounting of co-op Societies.

Hello friends
                        I m Mr Ashok v kulkarni working in the field of Co-operative society accounting
since last 15 years. & desires to share with you the special events my experiences & any other expertise
thechiques with you.

Why co-op society needs to keep the books of A/c

==> since the co-operative societites are registered under the Maharashtra State Co-op Act.
The society becomes an artifical legal person and become applicable to maintained the financial statements.
Whereas the societies collects various types of funds from its members & whereas these funds are the
properties of the members The trustee or the managing committee is expected to use these funds rationaly
& in the interest of the society.

Therefore when you are acting as a association of persons & gets the regular monetory subscriptions from
your members. You wiill be responsible to maintian all the books of accounts in the up to date status.

Usually the accounting period is starting on 1st of April & ends on 31st of March every year.

Every society has to complete the books accounts & finalise the records within 45 days i.e up to 15th of May every year.
The annual general body meeting of the soc. shall be called till 14 Th August every year.Or other wise you have to take a permission or an extention from the Dy. Registar to conduct the annual general body meeting
after 14th August.