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Section 48: Preparation of annual financial statements

The Goa Co-operative Societies Rules, 2003State Rules of Goa · 2001

(1) In preparing the annual financial statements, the society shall prepare the accounts in accordance with the Mercantile accounting system, and after following the accounting standards issued by the Institute of Chartered Accountants of India from time to time, incorporated under the Chartered Accountants Act, 1949 (38 of 1949).

(2) Before arriving at the net profit or loss, the society shall provide adequate resources for fulfillment of guarantees given by the Government or federal society or any other authority.

(3) Adequate provision shall be made for redemption of share capital contributed by the Government or federal society or any other authority.

Where this provision sits

ActThe Goa Co-operative Societies Rules, 2003
Section48
Marginal notePreparation of annual financial statements
JurisdictionState of Goa
StatusIn force as published by the source

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