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Books of Accounts

Every Company must maintain books of accounts so as to give a true and fair view of the state of affairs of the Company. The following points must be noted with regard to maintenance of books of accounts:


Books of accounts are to be kept on accrual basis and according to the double entry system of book-keeping

Every Company should maintain proper books of accounts to maintain the following:
  • All receipts and payments of the Company
  • All purchases and sales of goods by the Company
  • All assets and liabilities of the Company
  • Utilization of material and labour and other records of costs, in case of manufacturing Companies

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