Section 12 in The Karnataka Societies Registration Act, 1960.
12. Accounts.-
(1)The governing body of every society registered under this Act shall keep at the registered office of the society or at such other place in the State as the governing body thinks fit, proper books of account with respect to,—(a)all sums of money received and expended by the society and the matters in respect of which the receipt and expenditure takes place;(b)all sales and purchases of goods by the society; and(c)the assets and liabilities of the society.(2)Every balance sheet of a society shall give a true and fair view of the state of affairs of the society as at the end of the year and every income and expenditure account shall give a true and fair view of the excess of income over expenditure, or excess of expenditure over income, of the society for the year.(3)In the case of a society the accounts of which are made up with the previous sanction of the Registrar to any date other than the 31st day of December, the first balance sheet and the first income and expenditure account of such society after such previous sanction is accorded shall, for the purposes of sub-section (2), be for such period as the Registrar may specify in the order according previous sanction.
