I want to learn society accounts?

Question

i m commerce graduate, 2006 i want to learn Co-opertive society accounting any one here do such accounting? i want practical knowledge dont suggest any eduacational institution

please guide

Answer 1

Majority of the societies in India are registered as limited liability entities under Sec. 25 of the Companies Act, 1956. Their accounts are prepared either under Income & Expenditure Account basis or as Profit & Loss Account Account - as any other regular business entity. The main source of revenue normally remains the periodical subscription by the members of the society. The accounts are maintained under double entry system basis and are subject to audit annually.

Since you posted under India Mumbai, I presume that you are located in Mumbai. There are thousands of co-op.socities registered in Mumbai and operating in the city; like most of the co-operative housing societies. You may either apporach them and seek employment/trainee position there or may get in touch with any practising Chartered Accountant in Mumbai for the purpose, who have these co-op. socities as their clients. Institutes will be able to teach you general accounting principles and practices, practical knowledge will come working on real situations.

You may explore these various options, I hope something will click for you. Since you want to learn, you may not be insisting upon regular pay /allowances or stipend, learning may be gained working free for them for some time.