Accounting System for Housing Cooperative Societies: Unique Features

We are holding a half-day session to create a basic general awareness about the cooperative societies and specifically about its accounting system. This program is relevant for all those who are involved in maintaining accounts and performing audit of the financial statements of the Housing Societies. Attending this program willl help the participants to learn about the accounting-related requirements prescribed in the relevant laws for the cooperative housing societies. Doing so will help them avoid common errors that require additional time and effort for its rectification at a later stage. Students will also benefit if the topic is examined. Details of this program are as follows: Topic: "Accounting System of Cooperative Housing Societies: Unique Features" Date & Time: 7 July 2012 (Saturday) from 2.30 pm to 6 pm. Venue: Institute of Chartered Accountants of Pakistan, Karachi Audience: Members and Students of ICAP, accountants of such societies. Fee: Rs. 200/= per head upto 5-7-12 thereafter Rs. 400/=. (includes session presentation material and refreshments). (Interested participants who cannot afford program fee may apply for an invitation). Main Speaker: Mr. Muzzamil Siddiqui, Inspector (Retired) for Provincial Audit Department for Cooperative Housing Societies. Contents: 1. Overview of the Cooperative Act 1925, Rules 1927, Sindh Housing Authority Ordinance 1982 and Cooperative Societies' own Bye-Laws. 2. Overview of the Accounting and Book-keeping System of Cooperative Housing Socieites. 3. Source Documents and processing documents: Receipt Book, Cash/Bank Payment Voucher, General Vouchers. 4. Transaction Processing Entires in Cash/Bank Book, General Ledger, Petty Cash Book, Personal Ledger, Share Register, Share Transfer Register, 5. Other books and documents: Membership Register, Minute Book. 6. Final Accounts: Trial Balance, Adjusting entries required at period-end, Balance Sheet, Income and Expenditure Account, Cash Flow Statement, Notes to the Accounts. 7. Common errors observed in transaction processing and final accounts. Use of check lists to reduce errors. Speaker profile: Mr. Muzammil Siddiqui retired recently from the Provincial Audit Service for Cooperative Housing Societies after more than thirty years of service. During his service he was called upon to train government auditors across Sindh. He is also author of the book on the subject.