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LLP Accounting - Bank opened in Next FY

07 September 2020

A LLP Incorporated in March'20 but bank account opened in April'20. Do LLP need to maintain its book in FY 19-20 or any other compliance in FY 19-20?

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5915 Points)
Replied 08 September 2020

LLP Accounting

LLP Accounting – Section 34 of the Limited Liability Partnership Act requires that every LLP shall maintain and keep the accounting records which sufficient to show and explain the transaction of an LLP and which discloses with reasonable accuracy the financial position of the LLP. Such a book of account needs to prepare on the accrual basis of cash basis and according to the double entry accounting system.

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