Accrual concept for co operative society
This query is : Resolved
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?
Whether accounts is mandatory for co operative society to prepare as mercantile basis or not?
Nikhil Kaushik
(Expert)
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.
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
(Expert)
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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