1.

INTRODUCTION

MEANING

A co-operative Society is a body corporate with perpetual succession. It can

acquire, hold and dispose off properties, enter into contracts and it can sue and it
can be used. In the state of Maharashtra a society is formed, regulated and
governed and controlled by the Maharashtra Co-operative Societies Act, 1960.
(Section 36 of M.C.S. Act, 1960).All the Co-operative Societies have to maintain the
records as per the Maharashtra Co-operative Societies Act, 1960, M.C.S. Rules,
1961 and the Byelaws of the Society.

NON-PROFIT ORGANISATIONS

There are certain institutions whose main aim is not to earn profit. They are
established to provide services and their sole motto is to render services, e.g.,
schools, libraries, sports clubs, hospitals and professionals like, doctors, lawyers,
chartered accountants, company secretaries and co-operative housing societies, etc.
Though the main aim of these bodies is not to earn profit but still they are interested
in knowing whether their current income is more than the current expenses or not.
They are also keen in knowing the financial position of their concern. Co-operative
Societies are not charitable societies. They carry on Economic Activities. The profit is
not the motive but the proper accounts need to be maintained and presented before
the members for their approval in the Annual General Body meeting. The same need
to be properly audited as per the provisions of the Act.

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DEFINITIONS UNDER MCS ACT:-
1) Co-operative society:-Under section 2(27) of the act, Society means a
co-operative society registered or deemed to be registered under this Act.
Co-operative society is corporate body distinct from its member. Section 167
of co-operative societies A ct state that provisions of companies Act are not
applicable to Co-operatives.

2) Working capital:-Under section 2(31) of the Act, Working capital means

funds at the disposal of society inclusive of paid up share capital, funds built
up out of profits and money raised by knowing and other means. The
definition of the term is different as generally working capital means Net
current assets less current liabilities. The audit fees of certain types of
socities such as Urban co-operative banks, salaray earners credit socities
are related to the amount of the working capital.

3) Auditor:- Rule no 69 of co-operative societies rules states that the audit of

co-operative societies shall be conducted either by departmental auditor or
certified auditors. The term certified auditors includes the following:
a) Chartered accountant
b) A person who holds a government diploma in co-operative accounts
and audit.
c) A person who has served as an auditor in the co-operative
department of the state government .

4) Bye-laws:- Under section 2(5) bye-laws registered under this Act and for
the time being in force and includes registered amendments of such bye-
laws. bye-laws of a co-operative society may be be compared with the
articles of a company. The bye-laws cannot be contrary to the provisions of
the co-opreatives societies Act. The bye-laws generally includes the
followings clauses for internal management of co-operatives society-
1. Name and address of society
2. Area of operation
3. The manner in which , and the limits upto which the funds of the
society should be raised.
4. Objects of society
5. Maximum amount of the share capital that may held by a member
6. Terms and qualifications for admission of membership
7. Rights , duites and liabilities of members
8. Maximum loans admissible to a member
9. Disposal of net profit

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 (Rule 8 of Maharashtra State Co-operative Societies Rules, 1961 give the
various details if the items in the bye-laws of the society. Any
amendments , changes or deletion in bye-laws shall have to be approved
by a resolution at special general meeting and also a wirtten approval for
the District Deputy Registrar is necessary. The first bye-laws of the
society are required to be approved by the Registrar, as per Rule No. 9.)

5) Co-operative year:- The Act as fixed 31st day of March as day of bal;ancing
of accounts of the society. However ,any other day can be fixed by the
society for this purpose with the prior approval of the registrar. It means that
st
the co-operative year need not necessarilyber from 1 April to 31st March.
Normally , now-a-days societies follow 31 March as the year-ending to
comform with the Income-tax Act.

6) Member:- Under Section 2(19), a member of a Co-operative Society means

a person joining in an application for the registration of a Co-operative
Society, which is subsequently registered , or a person duly admitted to a
membership of Society after registration and includes and associates,
nominal or a sympathiser member. Following are the different types of the
members-
a) Associate Member : Associate Member means a member who holds
jointly share of society with others, but whose name does not stand
first in share certificates.
b) Nominal Member : Nominal Member means a person admitted to
membership as such after registration in accordance with its laws.
c) Sympathiser Member : Sympathiser Member means a person who
sympathises with aims and objects of the society and who is admitted
by society as such member.
Objectives of Co-operative Society

A co-operative housing society may be formed for all or any of the following objects-

To enable each of its members-

to purchase land and to erect a dwelling-house thereon; or

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 to erect a dwelling-house on land already owned by him; or

to erect a dwelling-house on Crown land leased by him for a term of not less
than 50 years being Crown land within an area approved by the Governor in
Council for the purposes of this Act;

subject to section thirty-four of this Act to purchase land upon which is

situated a dwelling-house; or

to maintain and keep in proper repair his dwelling-house; or

where the approval of the Governor in Council given after consideration of a

report by the registrar is first obtained-to discharge a mortgage held by
another society upon any land; or

to discharge a mortgage or any other charge or security over or affecting

any land which mortgage charge or security was granted or executed by the
member in question in anticipation of the society's making an advance to
him and with the approval of the registrar to the making of the advance.

2.BOOK OF ACCOUNT TO BE MAINTAINED

ACCOUNT

An account is formal presentation of the transactions pertaining to an item or

person or an income or expense. An account is generally prepared in T form

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wherein the left hand side is called the debit side and the right hand side the
credit side. All accounts (except the cash or bank), which are maintained in
cashbook, are maintained in ledger.

ACCOUNTING YEAR

The erotically speaking a business may adopt any period of 12 months as its
accounting year except for first accounting year which may be less or more than a
period of 12 months. Under income tax act however every person is required
(W.E.F 1.4.1989) to adopt a uniform accounting year i.e. financial year,
commencing on 1st April and ending on 31st march next year. Accordingly, since
1993, the co-operative year also has been changed to Financial Year.

Provisions under Bye-laws of Co-operative Housing Societies

As per bye law no 142 and as per standard accounting principles following accounts
books need to be maintained in respect of the financial transaction of the society.

a) The cash and the bank book

b) The general ledger

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c) The personal ledger (member wise monthly collection register)

d) Bill register (month wise charges register)

e) Expense vouchers with receivers signature, authorization to pass vouchers and

corresponding

bill and receipt

f) Monthly /quarterly bills raised on the members for outgoings of the society.

g) Receipts of the collection of charges transfer fees and other funds of the society.

h) Bank passbook, check issued with counter files ,pay in slips book of the bank.

i) Issues of individual pass books issued to the members in respect of their

transaction with the society

3.ADVANTAGES & DISADVANTAGES OF CO-OPERATIVE SOCIETY

Advantages of Cooperative Society

A Co-operative form of business organization has the following advantages:

1. Easy Formation: Formation of a co-operative society is very easy compared

to a joint stock company. Any ten adults can voluntarily form an association

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 and get it registered with the Registrar of Co-operative Societies.

2. Open Membership: Persons having common interest can form a co-

operative society. Any competent person can become a member at any time
he/she likes and can leave the society at will.

3. Democratic Control: A co-operative society is controlled in a democratic

manner. The members cast their vote to elect their representatives to form a
committee that looks after the day-to-day administration. This committee is
accountable to all the members of the society.

4. Limited Liability: The liability of members of a co-operative society is limited

to the extent of capital contributed by them. Unlike sole proprietors and
partners the personal properties of members of the co-operative societies are
free from any kind of risk because of business liabilities.

5. Elimination of Middlemens Profit: Through co-operatives the members or

consumers control their own supplies and thus, middlemens profit is
eliminated.

6. State Assistance: Both Central and State governments provide all kinds of
help to the societies. Such help may be provided in the form of capital
contribution, loans at low rates of interest, exemption in tax, subsidies in
repayment of loans, etc.

7. Stable Life: A co-operative society has a fairly stable life and it continues to
exist for a long period of time. Its existence is not affected by the death,
insolvency, lunacy or resignation of any of its members.

Disadvantages of Cooperative Society

1. Limited Capital: The amount of capital that a cooperative society can raise

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 from its member is very limited because the membership is generally confined
to a particular section of the society. Again due to low rate of return the
members do not invest more capital. Governments assistance is often
inadequate for most of the co-operative societies.

2. Problems in Management: Generally it is seen that co-operative societies do

not function efficiently due to lack of managerial talent. The members or their
elected representatives are not experienced enough to manage the society.
Again, because of limited capital they are not able to get the benefits of
professional management.

3. Lack of Motivation: Every co-operative society is formed to render service to

its members rather than to earn profit. This does not provide enough
motivation to the members to put in their best effort and manage the society
efficiently.

4. Lack of Co-operation: The co-operative societies are formed with the idea of
mutual co-operation. But it is often seen that there is a lot of friction between
the members because of personality differences, ego clash, etc. The selfish
attitude of members may sometimes bring an end to the society.

5. Dependence on Government: The inadequacy of capital and various other

limitations make cooperative societies dependant on the government for
support and patronage in terms of grants, loans subsidies, etc. Due to this, the
government sometimes directly interferes in the management of the society
and also audits their annual accounts.

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 4.FORMATION OF CO-OPERATIVE HOUSING SOCIETY

a) Formation of Co-operative Housing Society:-

Practically every developer has to form a Co-operative Housing Society at one

point of time or another. With the limited amount of options available with regard
to management of the affairs of the building i.e.

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 Condominium
Private Limited Company and
Co-operative Society, (excluding the unrealistic rental housing)

it will not be an exaggeration to state that in at least 90% cases particularly

in Mumbai the Promoters and/or the Builders have formed a Co-operative
Housing Society.

There are basically four types of Co-operative Housing Societies connected

with the housing.

(a) Open Plot Societies- members purchase or take one lease a plot of land
and they construct the building.

(b) Flat Owners Societies- When a builder constructs flats and sells them to Flat
Owners, the Society when formed is called Flat Owners Society

(c) Tenant Societies- When Landlord forms a Society of tenants, it is called

Tenants Society.

(d) Housing Board Societies- When a Society is formed by Allotted of flats

and building is constructed by the Housing Board Authorities, i.e. Mumbai
Housing and Development Board, then the Society so formed is of the type of
Housing Board Society .

The procedure for Registration of a society begins with electing a Chief

Promoter in a meeting of the Promoter.

Normally, the name reservation proposal should be accompanied with the

signature of at least 10 Promoters who have attended the meeting. It is a
common belief that the Society should consist of at least 10 members.

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 Flat means a separate set and self-contained set of premises used or
intended to be used or intended to be used for residence, or office or show-
room, or shop, or go down and includes a garage, or dispensary, or
consulting room, or clinic, or flour mill, the premises forming part of a building
and includes an apartment.

The Chief Promoter should submit Registration Proposal to the Registering

Authority within a period of 3 months from the date of issue of Letter of
Reservation in the name of the proposed Society.

The documents that are normally to be submitted to the Registering

Authorities are as under :-

1. Application for registration of Society in Form A along with Statement A.

Enclosure to application for Registration as per Rule 4(1) of Maharashtra Co-
operative Societies Rules, 1961.

2. Information about proposed society in Statement B (vide Govt. Circular dated

2-5-1980).

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3. Information about promoter members of the proposed society in Statement C
(vide Govt. Circular Dt. 2-5-1980).

4. A Statement of Accounts as per Form D.

5. Model Bye-laws.

6. Bank Balance Certificate.

7. R.B.I. / Treasury Challan for payment of Registration Fee of Rs. 500/-.

8. Title Clearance Certificate from an Advocate

9. A true copy of the approved Building Plan.

10. Letter of Authority Granting permission to commence construction

work/Completion Certificate (if applicable).

11. Affidavit on Rs. 20/- Stamp Paper from at least 10 promoter members to the
effect that they are residing in the area of operation of the Society (Proposed),
made before a Competent Authority.

12. Affidavit from the Chief Promoter on Stamp Paper of Rs. 20/- executed before
the Competent Authority in form Y.

13. Certified True Copy of agreement made on Stamp paper and registered
between the builder, promoter and purchasers of flat.

14. Where the promoter members are firms/ companies, a letter of authority from
such firms/companies authorizing the promoter to sign on behalf of

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 firm/company.

15. In case of such proposed societies, names of 60% of the flat holders of the
total number of flats constructed or proposed to be constructed as per the
plan approved, must be included in Statement A to be attached to the
Registration Proposal.

b) Stamp duty:-

Present rates of stamp duty for residential premises in the city of Mumbai are RS.
38,750/- on Rs. 10, 00,000/-. Thereafter it is @ 8% for the additional value. The
rate of stamp duty for shops/Galas/office Premises and Garage even if used for car
parking is 10% in Mumbai Stamp duty has to be paid on the agreement Value or
the market value of the property whichever is higher. Stamp duty has to be paid

13
every time the flat is being sold. Stamp duty has to be paid even if it is a transfer
within family.

c) Registration of Documents:-

The documents have to be registered within a period of fours months from the date
of its execution. The parties can go to the office of the Joint Sub-Registrar
individually /collectively to register the document. If for certain reasons the parties
cannot attend the office of the sub-Registrar within a period of the four months then
in such cases the parties can execute a deed of confirmation and complete the
registration formalities.

d) Stamp paper:-

As per the amendment of section 34 of the Bombay Stamp Act 1958, the stamp
paper should be in the name of one of the parties executing the document.

5.AUDIT REPORT

SHIV SAMRATH CO-OPERATIVE HOUSING SOCIETY

PART-I

INTRODUCTION

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The statutory audit of Shiv Samrath co-op. housing society Ltd., New Panvel (E)
Taluka- Panvel, dist- Raigad has been completed in the basis of records produced
to me by the disignitories of the society, oral explanation given by them and on my
total knowledge.

The financial statement at the end of the audit period prepared the disignitories of
the society are attached herewith which will give the idea of financial position of the
society.

1. MEETING:- (01-04-2009 TO 31-03-

2011)

A. First general body meeting: N.A.

B. General meeting date:- --

C. Managing committee meetings :- --

D. Special general body meeting :- --

2. MEMBERSHIP:- as per the list there are 18 members in the society

3. RECTIFICATION REPORT:-

the society should submit the audit rectification report within in three month of
receipt of audit report.

4. ANALYSIS OF BALANCE SHEET: - (31-03-2011)

A) LIABILITIES SIDE:-

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 (1) SHARE CAPITAL:-

share paid up share capital:- 4500/-

(2)RESERVE AND OTHER FUND:-

reserve fund:- Rs. 60770 amount received as entrance fee,

transfer premium, transfer fee transferred to reserve fund as per
BYE-LAWS.

(3) INCOME & EXPENDITURE A/C:-

surplus balance as per balance sheet for year ended 31-03-2011

Rs. 1,45,788/-

(B) ASSETS SIDE:-

(01) CASH & BANK BALANCE:-

(a) cash in hand Rs. 9,683.00

(b) The R.D.C.C. Bank, New Panvel Br.(C.P) Rs.4,420.00

16
 (c) abhyudaya Co-op. bank Rs. 23,570.00

(d) The R.D.C.C. Bank, New Panvel Br. Rs 30,212.00

the above balance are correct as per cash book and bank pass book as on 31-
03-2011.

(02) INVESTMENT & DEPOSITS:-

(a) fixed deposits Rs. 1,30,000/-

(b) sinking fund F.D. Rs 4,000/-

(03) FIXED ASSETS:-

(01) dead stock :- Rs. 9,273/-

kept dead stock register and record dead stock in dead stock register.

5. AUDIT CLASSIFICATION:-

taking into consideration the financial position and over all working of the
society has been awarded B audit class for financial year 01 st april 2009 to
31st march 2011.

6. ACKNOWLEGEMENT:-

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 we are thankful to the members of managing committee for their co-operative
during the audit.

PART-II

REMARK AND SUGGESTION

1) To be making provision of major repair fund as per Bye-Laws 13(b) of each

member on squire fir basis or value of cost which is decided in general body
meeting and invested as fixed deposit in RDCC bank.

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2) Monthly meeting of committee and annual general body should be conducted
as per the laws, with prior agenda to each member. Minutes of general body
meeting and committee meeting should be recorded in register (two separate
register).

3) Collect registered agreement from all members of society and take building cost
those units in balance-sheet.

4) Every voucher should be signed by chairman, secretary or treasurer.

5) Member information register form T and member registration register form

J should be update time to time.

6) Close the saving account of chief promoter Raigad district central co-op. bank
Ltd, New Panvel

7) Cash in hand to be maintained as stated in bye laws and shall make

necessary transaction of payment by cheque only.

8) Audit should be done after ending of every financial year.

Shiv Samrath co-op. housing society Ltd., New Panvel (E)

RECEIPT AND PAYMENT for the year ended 01-04-09 to 31-03-2010

RECIEPT Rs. PAYMENT Rs.

Opening cash/bank balance 1270 Maintenance & repair 30713

R.D.C.C. bank 206219 Stationery and Xerox 672
Abhyudaya co-op. bank 20251.50 Pest control 1000
RDCC bank 4420 Water bill 27846

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(chief promoter)
Electric bill 950
Bonus 2200
Member contribution 178995 Meeting 2292
Water, shed & color 168930 Bank charge 211
Transfer premium 30000 Crack filling, shed & coloring 293700
Bank interest 3288 Flooring work 7000
Fix deposit 80000
Salary 24200
Festival & pooja exp 12548
Plastic tank 15250

Closing cash balance 6021

R.D.C.C. bank 81583
Abhyudaya co-op bank 22767.50
RDCC bank (chief promoter) 4420

TOTAL 613373.50 TOTAL 613373.50

Shiv Samrath co-op. housing society Ltd., New Panvel (E)

INCOME & EXPENDITURE for the year ended 01-04-09 to 31-03-2010

INCOME Rs. EXPENDITURE Rs.

Member contribution 178995 Maintenance & repair 30713

Water, shed & color 168930 Stationery and Xerox 672
Recovery in Yr Pest control 1000
168930

(+) trf. From B/S recovery Water bill 27846

In last Yr. Electric bill 950
135433

Bonus 2200

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Bank interest 3288 Meeting 2292
Bank charge 211
Crack filling, shed & coloring 293700
Flooring work 7000
Plastic tank 15250
Salary 24200
Festival & pooja exp 12548
Depreciation(dead stock) 2573

Surplus balance 65491

TOTAL 486646 TOTAL 486646

Shiv Samrath co-op. housing society Ltd., New Panvel (E)

BALANCE SHEET for the year ended 31-03-2010

LIABILITIES Rs. ASSETS Rs.

Paid up share capital 4250 Closing cash/bank balance 6021

Reserve and other fund R.D.C.C. bank 81583

Reserve fund 30770 Abhyudaya co-op bank 22767.50
(+) trf. Premium 30000 60770 RDCC bank (chief promoter) 4420

Member contribution -- Investment & deposit

Fixed deposit 80000
Current assets, loans
Current liabilities & provisions -- & --
advances

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Income & expenditure A/C Fixed assets
Surplus balance 74571.50 Dead stock
12864

(+) surplus in Yr. 65491.00 140062 (-) depreciation 2573 10291

TOTAL 205082.50 TOTAL 205082.50

Shiv Samrath co-op. housing society Ltd., New Panvel (E)

RECEIPT AND PAYMENT for the year ended 01-04-10 to 31-03-2011

RECIEPT Rs. PAYMENT Rs.

Opening cash/bank balance 6021 Maintenance & repair 27431

R.D.C.C. bank 81583 Sinking fund F.D. 4000
Abhyudaya co-op. bank 22767 Pest control 2500
RDCC bank (chief promoter) 4420 Water bill 30844
Electric bill 24590
Bonus 1250
Member contribution 139800 Meeting 849
Water, shed & color 76500 Bank charge 40
Sintex tank refund 4024 Shed work 73900
Bank interest 2403 Dead stock 1300
Member share 250 Fix deposit 50000
Member entrance fee 100 Salary 32200

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 Festival & pooja exp 16241
insurance 4838

Closing cash balance 9683

R.D.C.C. bank 30212
Abhyudaya co-op bank 23570
RDCC bank (chief promoter) 4420

TOTAL 337868 TOTAL 337868

Shiv Samrath co-op. housing society Ltd., New Panvel (E)

INCOME & EXPENDITURE for the year ended 01-04-10 to 31-03-2011

INCOME Rs. EXPENDITURE Rs.

Member contribution 139800 Maintenance & repair 27431

Water, shed & color 76500 insurance 4838

Bank interest 2403 Pest control 2500

Sintex tank refund 4024 Water bill 30844

Electric bill 24590

Bonus 1250

Meeting 849

Bank charge 40

Shed work 73900

Salary 32200

Festival & pooja exp 16241

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 Depreciation(dead stock) 2318

Surplus balance 5726

TOTAL 222727 TOTAL 222727

Shiv Samrath co-op. housing society Ltd., New Panvel (E)

BALANCE SHEET for the year ended 31-03-2011

LIABILITIES Rs. ASSETS Rs.

Paid up share capital 4500 Closing cash/bank balance 9683

Reserve and other fund R.D.C.C. bank 4420

Reserve fund 60770 Abhyudaya co-op bank 23570
RDCC bank (chief promoter) 30212

Member contribution -- Investment & deposit

Fixed deposit 130000
Sinking fund F.D. 4000
Current assets, loans
Current liabilities & provisions -- & --
advances

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 Income & expenditure A/C Fixed assets
Surplus balance 140062.50 Dead stock
12864
(+)purchase in Yr.
1300
(+) surplus in Yr. 5726.00 145788
(-) depreciation 2318 9273

TOTAL 211158 TOTAL 211158

AUDIT REPORT

(Maharashtra state co.operative act 1960 section no. 81(5-B) & rules 69)

I have examined the attached balance sheet as 31 st march 2010, 31st march 2011
and the income & expenditure account for financial year 01-04-09 to 31-03-2011 of
the Shiv Samrath co-op. housing society Ltd., New Panvel (E) and report that:-

1. We have obtained all the information and explanation which the best of my
knowledge and belief were necessary for the purpose of our audit.

2. In our opinion, proper book of accounts as required under the M.C.S Act,
rules and Bye Laws of the society has been kept by the society.

3. In our opinion and the best of our information and according to the
explanation given to us.

a) the accounts subject to and read with the statement of general remarks
there on stated in PART-I and PART-II attached here with gives information
required under the Maharashtra Co-operative societies Act and present true

25
 and fair view of financial transaction of the society.

b) the balance sheet and income and expenditure account are in agreement
with the books of account and the said balance sheet gives true and fair view
of state of affairs of the society as on 31st march 2010 and 31st march 2011
and the income and expenditure accounts gives true and fair view of the
surplus/deficit for the period ended on that dates.

6.Comparative Balance Sheets as on 31st Dec 2010 & 31st Dec

2011

Particular 31-03-2010 31-03-2011 (Increase/ % Of (increase/

Decrease) Decrease)

Liabilities
Paid up share capital 4250 4500 250 5.88

Reserve and other fund

Reserve fund 60770 60770 0 0

Member contribution -- -- - -

Current liabilities & -- -- - -

provisions

Income & expenditure A/C 140062 145788 5726 4.08

TOTAL LIABILITIES 205082.50 211158 60755 29.62

ASSETS
Closing cash/bank balance 6021 9683 3662 60.82

R.D.C.C. bank 81583 4420 (77163) (94.58)

Abhyudaya co-op bank 22767.50 23570 802.5 3.52
RDCC bank (chief promoter) 4420 30212 25792 583.52

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 Investment & deposit
Fixed deposit 80000 130000 50000 62.5
Sinking fund F.D. - 4000 4000 100

Current assets, loans & -- -- - -

advances

Fixed assets 10291 9273 (1018) (9.89)

TOTAL ASSETS 205082.50 211158 60755 29.62

Comment-

Comparative Financial Statement analysis provides information to assess the

direction of change in the business. Financial statements are presented as on a
particular date for a particular period. The financial statement Balance Sheet
indicates the financial position as at the end of an accounting period and the financial
statement Income Statement shows the operating and non-operating results for a
period. But financial managers and top management are also interested in knowing
whether the business is moving in a favorable or an unfavorable direction. For this
purpose, figures of current year have to be compared with those of the previous
years. In analyzing this way, comparative financial statements are prepared.

Comparative Financial Statement Analysis is also called as Horizontal analysis. The

Comparative Financial Statement provides information about two or more years'
figures as well as any increase or decrease from the previous year's figure and it's
percentage of increase or decrease. This kind of analysis helps in identifying the
major improvements and weaknesses. There is increase in total liability and a total
asset as in 2010 it was 205082.50 but in 2011 it increase by 29.62% i.e. 211158. We
can see that there is increase in all asset and liability except fixed asset in 2010 it
was 10291 but It fall by 9.89% in 2011 i.e. 9273.

27
 7.CONLUSION

I conclude based upon the data in my project I have learned what is cooperative
housing society and there are many advantages and disadvantages in cooperative
housing society. Though the main aim of these cooperative housing society is not to
earn profit but still they are interested in knowing whether their current income is
more than the current expenses or not. They are also keen in knowing the financial
position of their concern. Co-operative Societies are not charitable societies. They
carry on Economic Activities. The profit is not the motive but the proper accounts
need to be maintained and presented before the members for their approval in the
Annual General Body meeting.

While doing this project I learn how to register the cooperative housing society, step
involve while registering a society. While studying the auditing report of two year
2010 and 2011 and making project on a Shiv Samrath cooperative housing society
was also a knowledgeable experience for me.

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 8.BIBLIOGRAPHY

The Maharashtra Co-operative Societies Rules, 1961

Advanced Financial Accounting (M.Com Part-I)

Dr. Varsha M. Ainapure (Manan Prakashan)

sahakarayukta.maharashtra.gov.in/

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