24 November 2009
Necessary list of books to be mainted is not provided by the law. But in general all required books that gives the clear picture of profitability & fair view of assets should be maintained. Following are some of the books that should be maintained go give the above said picture:
- Cash book - Bank book - Journal register - Site/s account - Land development account - Sales account
25 November 2009
sir thanks for the reply,again one more question what are the contents to be recorded in sites a/c,land devpt a/c, and what are the statutory books to be maintained?
25 November 2009
Site account basically prepared to get the profit or loss details from the individual site. You can name it as trading account.The contents of site account will be land cost of the site, land development cost, labour charges, salary for administration, other incidental expense for that site.
land development account will again be sitewise. This account has details of land developments like cost of land, stamp duty on purchase of land, purchase of sand, bricks & other materials.
As such there will not be any Statutory books. You should always maintained the books by which you can prepare the profitability statement.
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