Sun and Moon Credit Co-operative Society Ltd., a large scale cooperative organisation operates in Maharashtra and engages in providing small loans…

(a) In Maharashtra, the co-operative societies are required to maintain books of account in terms of the instructions of the Registrar as following: (i) All sums of money received and expended by the society and the matters in respect of which receipts and expenditure take place. (ii) All sales and purchases of goods by the society. (iii) Assets and liabilities of the society. In order to maintain proper financial accounting records so as to disclose full financial results of working of the society, the statutory or mandatory provisions provide a directive, but they are not conclusive. The society is at liberty to maintain such additional records according to its convenience and which it thinks more useful for clarity and detailed explanation. Ultimately the financial transactions and the results thereof must be presented very clearly and in the best possible manner. Depending upon the nature and object of the society, different kinds of books and registers will be maintained, so as to disclose a proper and fair picture of financial transactions. In case of large scale co-operative organisation, different subsidiary books and registers shall be maintained and the daily summary totals will be transferred to main Cash Book. For example: (a) Daily cash sales summary register. (b) A register of collection from debtors if credit sales are allowed by bye-laws of society. (c) A register of recovery of loans from salaries and directly by receipts from members in case of credit society. (d) Loan disbursement register in case of credit society. (e) Any other columnar subsidiaries depending upon the nature and functions of society.