whether coperativesocieties should prepare their financial only by following accraul concept of accounting
This query is : Resolved
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
(Expert)
11 August 2016
this is bound to occur in CASH/receipt system of accounting.
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