How can we maintain account of cooperative housing society?

A society is liable to maintain the below-listed records on a permanent basis:

1. Minutes of Meeting Book of general, special and annual meetings.
2. Member Register.
3. Register of Shares, Debentures and Bonds (with counterfoils)
4. Stock Register/Dead Stock Register and Property Register.
5. Cash Book.
6. General and Personal Ledgers.

What is the difference between Cooperative Society and Housing Society?

A registered society is a legal entity with certain limitations. However, members of a cooperative society get together to promote the economic interest of their members. They have to submit viable business plan of the cooperative before registration. These two prerequisites are not present in a society.

What is the purpose of housing cooperatives?

A housing co-operative is a community of people who voluntarily work together to meet their common need for affordable, sustainable housing.

What are the advantages of cooperative housing?

The main advantage of purchasing a co-op is that they are often cheaper to buy than a condo. Co-ops are typically more financially stable. The instance of foreclosure is rare. Co-ops are typically going to be a higher owner occupancy rate.

What is Cooperative Society accounting?

Cooperative societies are operative in various sectors like consumer, industrial, services, marketing, etc. Under accounting system of Co-operative societies, the term Receipt and Payment is used for two fold aspects of double entry system.

What is cooperative accounting?

1.7 Objectives of co-operative accounting The main objective is to ensure that co-op society are managed efficiently by ways of: a) Keeping and maintaining proper books of accounts b) Safeguarding co-op society resources and funds as well as those of members.

What is RWA in real estate?

According to Real Estate (Regulation and Development) Act, 2016, a residents welfare association (RWA) must be established in a housing society, within three months from the time that a majority of the houses there have been booked.

Which one of the following is the purpose of cooperative societies?

A cooperative is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.

How are cooperatives different from other types of residential housing?

A housing cooperative or “co-op” is a type of residential housing option that is actually a corporation whereby the owners do not own their units outright. Instead, each resident is a shareholder in the corporation based in part on the relative size of the unit that they live in.

What are the six types of cooperative?

They are:

• Producer Cooperatives. Members are engaged in production in separate enterprises, such as farms, artist studios, or fishing boats.
• Worker Cooperatives. These businesses are owned by some or all of the workers.
• Consumer Cooperatives.
• Credit Unions.
• Retail or Purchasing Cooperatives.
• Social Cooperatives.

What are the advantages and disadvantages of housing cooperative?

Though co-op owners must repair their own units, there is no need to perform building maintenance or yard work.

• Disadvantage: Restrictions. Co-ops typically have their fair share of restrictions.
• Advantage: Co-op Housing is More Affordable.
• Advantage: A True Sense of Community.
• Disadvantage: Fees.

What are the disadvantages of a co-op?

Co-op owners must pay not only for their shares, but a recurring maintenance fee. These can add up quickly, particularly if the unit is expensive. Overall this can still be less expensive than renting or home ownership, but some people consider it excessive. Cooperatives can also come with restrictions for residents.

What is annual accounts audit of Co-operative Housing Society?

Annual account audit of every co-operative housing society is mandated by the Constitution of India. The model bye-laws state that it is the responsibility of the Managing Committee to do an Accounts Audit within a period of six months from the closure of the financial year and before the Notice of Annual General Body Meeting.

Where are the books of accounts kept in a co-op Society?

The books of accounts shall be kept at the registered office of the co-op society or at such other place as been determined by the society and shall at all times available for inspection by members, supervisory committee and the auditors. pO Providing Quality Co -operative Accounting Page 8 f 3.

Does a co-operative society need accounting system?

Co-operative societies are business organization though in the class of non profit seeking form of business organization whether a business is profit oriented or non profit oriented, it should hare an accounting system.

What is society accounting software?

Society accounting software managing modules for various types of payments, receipts and others simultaneously while maintaining society accounts. LATEST : Covid Corona – Wash your hands regularly with soap and water, or clean them with alcohol-based hand rub. Testimonials |Data Security