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arpitha (Querist)
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13 May 2008 what is the accounting treatment to be done in the books of a cooperative housing society which maintains and runs a retirement community for old people - it takes lumpsum amount equal to sale consideration but the ownership of the property is not transfered - and collects some maintenance charges every month for operating and maintenance. It is done only to keep up the sancity of the retirement community - so that the same and like minded kind of people take its benifits.the outgoing member can take away the initial deposit money paid if he is leaving the community and some other member can join in his place - but is restricted only to the old people - so now the basic questn is WHAT IS THE TREATMENT TO BE GIVEN TO THE INITIAL DEPOSIT IN THE BOOKS OF THE COOPERATIVE SOCIETY - AND MOST IMP CAN A COOPERATIVE SOCIETY BE FORMED ON THE BASIS OF SUCH PRINCIPLES .

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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27 May 2008 initial deposit shud be treated as liablity and monthly payment will be income

arpitha

arpitha (Querist)
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30 May 2008 sir
relating to the above answer given i would like to have certain clarifications - that is there any statutory liability of creating and asset in order to repay the refundable deposit / initial deposit --- if so can the amount be invested in any other investment schemes -- AS PER THE PRINCIPLES OF A COOPERATIVE SOCIETY . IF SO / NOT IS IT FEASIBLE IN CASE OF A PRIVATE LIMITED COMPANY

arpitha

arpitha (Querist)
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31 May 2008 sir,
i have certain questions relating to the issue of shares to the members of the retirement community based on the above facts in order to protect his deposit / interests ( he can in due course transfer / sell the share only with the consent of the developer, or with the consent of the cooperative society formed under the control of the developer) . i would like to know as to whether such a society can be formed or not / whether the act permits such kind of legal structure( since the ownership will not be tfd to the members - control will be with the developer of the property) if so how should be the shareholding pattern - how many shares should be issued to the member joining the community and how should the share be valued when he is leaving the community.

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