whether coperativesocieties should prepare their financial only by following accraul concept of accounting

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areef (Querist)
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11 August 2016 ABC mutually aided employes housing ltd is registered under A.P. mutually aided employes housing socities act 1995 in 2007-08finalcial year but from 2007-08 society doesn't have any operations up to 2015-16 and capital of 90000 which it collected is deposited in Xyz coperative society as FD for 12%intrst rate in2007-08 society is following receipt basis for accounting and for 2007-08 and now society shows the value of FD in assets as90000 but actaul value is 160000 so whether it is correct or not! if not what is the corrt treatment up to now society haven't recived intrst from another society for FD

Amol S Joglekar

Amol S Joglekar (Expert)
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11 August 2016 this is bound to occur in CASH/receipt system of accounting.

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whether coperativesocieties should prepare their financial only by following accraul concept of accounting

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