Out Of This World Income And Expenditure Account Of Cooperative Society
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It is ready with the target of sorting out the excess or deficit arising out of current incomes over current expenses.
Income and expenditure account of cooperative society. Income Expenditure Account of a Co-operative Housing Society - Free download as PDF File pdf Text File txt or read online for free. Profit and loss account. Expenditure is recorded on the debit side and income is recorded on the credit side.
This format has been prescribed by the Western Indian Regional Council of the ICAI ie. These accounts are used to deduce surplus or deficit incurred by an organisation at the end of a certain period. The surplus or deficit recorded in an Income and Expenditure account is moved to a Capital fund account when this account is closed.
Prepared the Society proposed Appropriation Account for the period in accordance with the cooperative Bye-Laws. 5Salary and Allowances of Managing Director. Here the intention is Income and Expenditure Account to be prepared at the end of every year as required under Section 65 of the MCS Act 1960 must recognize brought forward amount of Profit Excess of Income or loss as the case may be while computing amount available for appropriation.
Memorandum Appropriation account. A registered cooperative society made a Surplus of N 90000 during last business period. As per section 35 of Co-operative Societies Act 1912 distribution of the profit should not be more than 625.
All incomes and expenses relating to the accounting year whether they are actually received and paid or not are taken into consideration. Memorandum appropriation Account. Cooperatives income tax profits reserve fund.
Income and Expenditure Account is prepared on an accrual basis. Interest income includes interest fixed deposits interest from a savings bank account and interest from members on arrears. While computing the total income of a housing society any income derived by it by way of interest or dividends from any other cooperative society is fully treated as exempt.
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