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Balance Sheet Essay

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Below is an essay on "Balance Sheet" from Anti Essays, your source for research papers, essays, and term paper examples.

Preparation of Balance Sheet & Accounting Standards
For Co-operative Banks

P. R. Kulkarni, Managing Director, Fluent Consultants

1

Provisions from the Maharashtra Co-operative Societies Act, 1960
Rule 61 The committee of every society has to prepare annual statement of accounts showing, 1. Receipts and disbursements during the previous year 2. The profit and loss account for the year 3. The balance sheet as at the close of the year within 45 days of the close of the every co operative year or within such extended period as may be allowed by the Registrar.

P. R. Kulkarni, Managing Director, Fluent Consultants

2

Provisions from the Maharashtra Cooperative Societies Act, 1960 • Section 75 At every Annual General Meeting (AGM), the Committee shall lay before the society ……….. and a balance sheet and profit and loss account for the year in the manner prescribed by the Registrar by general or special order for any class or classes of society
P. R. Kulkarni, Managing Director, Fluent Consultants 3

Provisions from the Maharashtra Cooperative Societies Act, 1960 • Rule 62 The balance sheet and profit and loss account to be laid before the AGM of the society shall be ordinarily in Form ‘N’ Provided that, it shall be competent for the Registrar to permit a society or class of societies to adopt such other form as he may deem fit.

P. R. Kulkarni, Managing Director, Fluent Consultants

4

Provisions from the Maharashtra Cooperative Societies Act, 1960 • Section 75 (3) Every balance sheet laid before the society in AGM a report of the Committee needs to be attached about (a) The state of the society’s affairs (b) The amounts, if any, which it proposes to carry to any reserve
Contd …….

P. R. Kulkarni, Managing Director, Fluent Consultants

5

Provisions from the Maharashtra Cooperative Societies Act, 1960
• Section 75(3)

(c) The amounts, if any, which it recommends for payment as dividend, bonus*, or honoraria to honorary workers...

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