WHETHER PRESIDENT OR SECRETERY OF THE CO-OPERATIVE SOCIETY CAN RECEIVE REMUNERATION/SALARY/SHARE IN PROFIT ?
The Society is registered under Gujarat Cooperative Societies Act. It is a housing society created by developers. All the Flats & Shops are sold but by mistake balance sheet of the society shown Profit balance of1050200/-. All the receipts from buyers and payments to suppliers & contractors completed. Only difference between Sales & Expenses is 1050200/- and it is lying under "Reserve & Surplus" . The president and Secretary intend to receive this amount as Salary or Remuneration. Can they do this ??
Please Suggest .....
CAclubindia
