Accrual concept for co operative society

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Querist : Anonymous

Querist : Anonymous (Querist)

01 January 2014 Dear Sir,

Whether accounts is mandatory for co operative society to prepare as mercantile basis or not?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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01 January 2014 dear friend,

except for companies, rarely does any act provide for compulsory accrual basis of accounting. You shall be at the liberty to follow cash basis if you want to.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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01 January 2014 however, if the society itself has provided for accrual basis of accounting its in rules and regulations, then you should follow accrual basis.

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