Accounting for Reserve Fund

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Accountant
75 Points Posted on 11 March 2020
Dear Experts,
Whethere separate bank account is required to maintain for Reserve Fund by a Housing Co operative Society..
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On 11 March 2020 at 10:21 Report
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This discussion explores whether a Housing Co-operative Society in Maharashtra is legally required to maintain a separate bank account for its Reserve Fund. While the MCS Act doesn't mandate a separate account, societies can opt for one for better control. Reserve funds like sinking funds and repair funds are typically invested in fixed deposits, which must be earmarked for their specific purpose.

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Profession
28261 Points Posted on 12 March 2020
All busines maintain bank account.
co operative housing society can opt for a seperate bank account in order to have a seperate control.
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On 12 March 2020 at 12:00
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17269 Points Posted on 12 March 2020
No seperate bank account is required by CHS
This is in Maharashtra under MCS Act. It is under State Acts.

However such reserve funds are usually invested into bank fixed deposits FDR and these FDs are mandatorily to be earmarked against each reserve fund.

(Such as Sinking Fund, Repair Fund, Builder Corpus Fund, General Reserve etc)
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On 12 March 2020 at 13:40

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