Formation of building wise accounts for housing society
This query is : Resolved
16 June 2010
My query is regarding formation of building wise accounts for housing society.
we are a registered society with six buildings and one registration.
Our members are insisting for formation of building wise accounts for better accountability and transperency of funds.
Our auditor says this is possible internally with 6 balance sheets and consolidated balance sheet for the apex account. our society already has a bank account in nationalised bank for common operation with share capital with district co-operative bank.
Is this possible ? Please advise.
we are a registered society with six buildings and one registration.
Our members are insisting for formation of building wise accounts for better accountability and transperency of funds.
Our auditor says this is possible internally with 6 balance sheets and consolidated balance sheet for the apex account. our society already has a bank account in nationalised bank for common operation with share capital with district co-operative bank.
Is this possible ? Please advise.
Shyam Lal Naik
(Expert)
16 June 2010
Your auditor's view is correct. Possible. It is like branch accounting.
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