Section 58 in Jammu and Kashmir Co-Operative Societies Act, 1989
58. Procedure for calculation of profits.
- A society earning profit shall calculate the net profits by deducting from the gross profits for the year all accrued interest which is overdue for more than six months, establishment charges, interest payable on loans and deposits, audit fees, working expenses including repairs, rent, taxes and depreciation, and after providing for or writing off bad debts and losses not adjusted against any fund created out of profits. A society may, however, add to the net profits for the year interest accrued in the preceding year, but actually recovered during the year. The net profit thus arrived at together with the amount of profits brought forward from the previous year, shall be available for appropriation.
