Co-operation · Ch 5 — Accounts and Audit of Co-operative Societies
Books of Accounts and Statutory Registers Maintained by a Co-operative Society
Books of Accounts and Statutory Registers Maintained by a Co-operative Society
The Maharashtra Co-operative Societies Act, 1960 (Section 65 read with the Rules) requires every society to keep proper books of account and records, correct and up to date, so that its true financial position can be known at any time and its accounts can be audited. These fall into two broad groups — the books of account proper, which record money and transactions, and the statutory registers, which record members, shares and the society's own decisions.
A. Principal books of account
| Book | What it records |
|---|---|
| Cash Book | All receipts and payments of cash and through the bank, entered day by day |
| General Ledger | All the impersonal (real and nominal) accounts — assets, liabilities, incomes and expenses |
| Personal Ledger | The individual accounts of members, depositors and borrowers |
| Journal / Subsidiary books | Non-cash and adjusting entries, and books such as the purchase and sales books where trading is done |
| Loan Ledger / Loan Register | Details of loans granted to each member — amount, purpose, security, instalments and recovery |
| Deposit Register | Details of deposits received — savings, recurring and fixed — and interest due on them |
| Stock / Dead-Stock Register | Stock-in-trade and the society's furniture, equipment and other assets |
B. Statutory registers and records
- Register of Members — the names, addresses and shareholdings of all members, kept in the prescribed form; the basis for deciding who may vote.
- Register of Shares (and Debentures) — the shares issued, transferred and surrendered, and the amounts paid on them.
- Minute Books — separate minute books recording the proceedings and resolutions of (i) the general body meetings and (ii) the managing committee meetings.
- Copy of the Bye-laws — the current, registered bye-laws of the society and any amendments.
- Audit Rectification Register — a record of the defects pointed out in each year's audit and the action taken to correct them.
C. Final accounts prepared each year
At the close of the co-operative year the society prepares, from these books, its Trial Balance, its Trading and Profit & Loss Account (to arrive at the net profit or loss), and its Balance Sheet (to show its assets and liabilities). These final accounts, together with the books above, are what the auditor examines. …
The set of financial records — cash book, ledgers, journals and subsidiary books — in which a society records all its monetary transactions as required by Sec …
A statutory register kept in the prescribed form showing the name, address and shareholding of every member of the society; it determines who is entitled to the ri …
A book in which the proceedings and resolutions of the general body and of the managing committee meetings are recorded, providing the official record …