16 December 2011
Dear Sir, Kindly give me the Suggestion to Maintain a books to our firm, Actually we are a LLP(Limited liability Partnership)guide me to What are the Important books to maintains in normal firms, because i am a Fresher to accounts i Didt know about the full accounts book maintains Kindly give your guides to our firm
18 December 2011
As per Rule 6F(2) the following books of accounts and documents are required to be maintained:
1) cash book,
2)Journal, if the accounts are maintained as per mercantile system of accounting,
3)ledger
4)carbon copies of bills, serially numbered and carbon copies or counterfoils of receipts issued in respect of sums exceeding Rs 25,
5)original bills for expenses exceeding Rs. 50 and payment vouchers for petty expenses. However in a case where the cash book maintained by the person contains adequate particulars in respect of the expenditure incurred, then vouchers are not neccessary in respect of expenses upto Rs 50.
Persons engaged in medical profession are, in addition, required to maintain daily case register in the prescribed proforma (Form No. 3C) and inventory, as at the begining and end of the year, of stock of drugs, medicines and other consumables accessories used for the purpose of the profession.
Books or books of accounts have also been defined u/s 2(12A) as including ledgers, day-books, cash books, account-books and other books, whether kept in the written form or as print-outs of data stored in a floppy,disc, tape or any other form of electro-magnetic data storage device.
Document has been u/s 2(22AA) as including an electronic record as defined in clause (t) of sub section (1) of section 2 of the Information Technology Act, 2000.
For how many years books of accounts are required to be preserved:
Every year the the record of books of accounts grows up and the cupboards filled up more and more. Every assessee wants to know for how many years he should keep the records of his books of accounts.
Rule 6F(5) provides that the books of accounts and other documents are to be kept for atleast 6 years from the end of relevent assessment year. That means from the assessment year 2009-10 one should keep books of accounts upto the assessment year 2003-04 i.e books of accounts of financial year 2002-03.
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