Is the book in which company account are kept?
This clause further provides that books of account of every company shall be kept in good order for eight years. In case, an investigation has been ordered, the Central Government shall have power to ask the company to keep the books of accounts for a period longer than eight years.
What are the books of accounts to be maintained by company as per Sec 128 of I co Act 2013?
Section 128 (1) of the Companies Act, 2013 provides that every company shall prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the company, including that of its …
What accounting records must be kept by a company to satisfy the requirements of the Company Act 2013?
As per Section 128(1), every company must prepare and keep its books of accounts and other relevant books, financial statements, and papers at its registered office. However, the place of keeping any or all of the aforesaid books could change at such other place in India as decided by the Board of Directors.
Who is responsible to maintain books of accounts?
The following persons in a company will be responsible for maintaining book of accounts: Managing Director. Whole Time Director, in charge of Finance. Chief Financial Officer.
What records is the Organisation required to keep?
Organisations are required to keep records of: • the name of each branch of the organisation • the name of each branch that commenced operation in the previous 12 months • the name of each branch that ceased operation in the previous 12 months • the address of the office of the organisation; and • the address of the …
What business records should be kept for 7 years?
Most supporting documents need to be kept for at least three years. Employment tax records must be kept for at least four years. If you omitted income from your return, keep records for six years. If you deducted the cost of bad debt or worthless securities, keep records for seven years.
What are the 5 typical stages in a record keeping system?
These five easy steps will help you create a simple financial record-keeping system: capture, check, record, review, and act.
- Capture the Information.
- Check to Make Sure the Information Is Complete and Correct.
- Record the Information to Save It.
- Consolidate and Review the Information.
- Act Based on What You Know.
What are current records?
current records means records needed and used in the day-to-day conduct of the current business of a local government office or official, and which therefore must be kept in office space and equipment for that purpose.
What is a record and non record?
Nonrecords are informational material that does not meet the definition of a record; e.g., extra copies of documents kept for convenience; reference stocks of publications; blank forms, formats, or form letters; documents that do not contain unique information or that were not circulated for formal approval, comment.
What is an example of a non record?
Non-record means a thing that is not a record. Examples of non-records are spam emails, personal emails or texts sent to or from a Town electronic device, or duplicative or non-substantive materials.