What is cooperative and its features?

Features of a Cooperative Society As it is a voluntary association, the membership is also voluntary. The co-operative society is a separate legal identity to the society. It does not get affected by the entry or exit of its members. There is limited liability of the members of co-operative society.

What are the features of cooperative market?

The main functions of co-operative marketing societies are: (i) To market the produce of the members of the society at fair prices; (ii) To safeguard the members for excessive marketing costs and malpractices; (iii) To make credit facilities available to the members against the security of the produce brought for sale; …

How do cooperatives function?

Cooperatives are democratically owned by their members, with each member having one vote in electing the board of directors. businesses owned and managed by the people who use their services (a consumer cooperative) organizations managed by the people who work there (worker cooperatives)

What are the features of cooperative audit?

Main features of Co-operative Audit The main features of Co-operative Audit relate to the following:- 1. ) Adherence to Co-operative Principles 2) Observance of provisions of Act, Rules and bye-laws. 3) Valuation of assets and Liabilities and Verification of Cash Balance and Securities.

What are the special features of cooperative accounting?

Based on the above definitions, we can now list out the main features of the cooperative form of business ownership as follows:

• Voluntary Organisation:
• Democratic Management:
• Service Motive:
• Capital and Return Thereon:
• Government Control:
• Distribution of Surplus:

What is the main function of cooperatives?

The cooperatives are formed to secure low cost credit, to purchase supplies and equipment for farming and household needs, to market products, even to secure many services, like electric power, irrigation, health, and insurance. Cooperatives can be used in many ways to benefit people in the everyday needs of life.

What are the powers of a cooperative auditor?

) Adherence to Co-operative Principles 2) Observance of provisions of Act, Rules and bye-laws. 3) Valuation of assets and Liabilities and Verification of Cash Balance and Securities. 4) Verification of balances of Depositors and Creditors. 5) Examination of overdue debts and classification of bad debts.

What are the types of cooperative audit?

Following books and accounts are prescribed by the Maharashtra Government.

• Cash Book.
• General Ledger.
• Stock register.
• Personal Ledger.
• Register of Members.
• Register of Shares and debentures.
• Minutes books of general body meeting and committee meetings.
• Property Register.

What is the role of cooperative?

Co-operatives help to create, improve and protect the income and employment opportunities of their members by pooling the limited individual resources of members to create business enterprises that enable them to participate in production, profit-sharing, costsaving or risk-taking activities.