{"id":1494,"date":"2025-04-24T12:12:23","date_gmt":"2025-04-24T12:12:23","guid":{"rendered":"https:\/\/demo.aidigimind.in\/legaltax\/?page_id=1494"},"modified":"2025-04-28T06:24:58","modified_gmt":"2025-04-28T06:24:58","slug":"books-of-account","status":"publish","type":"page","link":"https:\/\/legalandtaxindia.com\/index.php\/books-of-account\/","title":{"rendered":"Books of Account"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1494\" class=\"elementor elementor-1494\">\n\t\t\t\t<div class=\"elementor-element elementor-element-14e762f e-flex e-con-boxed e-con e-parent\" data-id=\"14e762f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-52edd6d elementor-widget elementor-widget-heading\" data-id=\"52edd6d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Maintaining Company Books of Accounts<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-773b979 elementor-widget elementor-widget-text-editor\" data-id=\"773b979\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p class=\"\" data-start=\"103\" data-end=\"241\">Maintaining company books of accounts is a legal and operational requirement for all businesses. Here\u2019s a basic guide to what it involves:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fdbeffa e-flex e-con-boxed e-con e-parent\" data-id=\"fdbeffa\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-dbcc7a3 e-con-full e-flex e-con e-child\" data-id=\"dbcc7a3\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b6cc39f elementor-widget elementor-widget-text-editor\" data-id=\"b6cc39f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>1. What Are Books of Accounts?<\/strong><br \/>Books of accounts are records of financial transactions carried out by a company. They help track income, expenses, assets, liabilities, and equity.<\/p><p><strong>2. Legal Requirement in India<\/strong><br \/>Under Section 128 of the Companies Act, 2013, every company must maintain proper books of accounts at its registered office. These must reflect a true and fair view of the company\u2019s affairs.<\/p><p><strong>3. Key Books and Records to Maintain<\/strong><br \/><strong>Journal \u2013<\/strong> Chronological record of all transactions.<\/p><p><strong>Ledger \u2013<\/strong> Classifies transactions under accounts.<\/p><p><strong>Cash Book \u2013<\/strong> Records cash receipts and payments.<\/p><p><strong>Sales and Purchase Register \u2013<\/strong> Tracks invoices and payments.<\/p><p><strong>Bank Book \u2013<\/strong> Tracks all bank transactions.<\/p><p><strong>Inventory Register \u2013<\/strong> Records details of stock\/inventory.<\/p><p><strong>Fixed Asset Register \u2013<\/strong> Details of company-owned assets.<\/p><p><strong>Payroll Records \u2013<\/strong> Salaries, EPF, ESI, TDS on salaries.<\/p><p><strong>4. Method of Accounting<\/strong><br \/>Accrual Basis (mandatory for companies) or Cash Basis (only for certain small businesses).<\/p><p>Must be double-entry accounting.<\/p><p><strong>5. Duration for Record Keeping<\/strong><br \/>Companies must preserve books for at least 8 years.<\/p><p><strong>6. Digital vs Physical Books<\/strong><br \/>Books can be maintained in physical or electronic form (must be accessible and readable). Digital records are allowed if properly backed up.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-211ffa0 e-con-full e-flex e-con e-child\" data-id=\"211ffa0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-989a647 e-con-full e-flex e-con e-child\" data-id=\"989a647\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1583d53 elementor-widget elementor-widget-kanun-contact-form-widget\" data-id=\"1583d53\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"kanun-contact-form-widget.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\r\n\r\n\t\r\n\r\n\t<div class=\"appointment-wrapper\">\r\n\t\t<div class=\"contact-content\">\r\n\t\t\t<span class=\"wow fadeInUp\" data-wow-delay=\".3s\">Send Your Have Any Questions?<\/span>\r\n\t\t\t<h3 class=\"wow fadeInUp\" data-wow-delay=\".5s\">\r\n\t\t\t\tBook An Appointment\t\t\t<\/h3>\r\n\t\t\t<p class=\"wpcf7-contact-form-not-found\"><strong>Error:<\/strong> Contact form not found.<\/p>\t\t<\/div>\r\n\t<\/div>\r\n\r\n\t\r\n\r\n             \r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-23064f2 e-con-full e-flex e-con e-parent\" data-id=\"23064f2\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Maintaining Company Books of Accounts Maintaining company books of accounts is a legal and operational requirement for all businesses. Here\u2019s a basic guide to what it involves: 1. What Are Books of Accounts?Books of accounts are records of financial transactions carried out by a company. They help track income, expenses, assets, liabilities, and equity. 2.<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1494","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/legalandtaxindia.com\/index.php\/wp-json\/wp\/v2\/pages\/1494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalandtaxindia.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/legalandtaxindia.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/legalandtaxindia.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalandtaxindia.com\/index.php\/wp-json\/wp\/v2\/comments?post=1494"}],"version-history":[{"count":28,"href":"https:\/\/legalandtaxindia.com\/index.php\/wp-json\/wp\/v2\/pages\/1494\/revisions"}],"predecessor-version":[{"id":1541,"href":"https:\/\/legalandtaxindia.com\/index.php\/wp-json\/wp\/v2\/pages\/1494\/revisions\/1541"}],"wp:attachment":[{"href":"https:\/\/legalandtaxindia.com\/index.php\/wp-json\/wp\/v2\/media?parent=1494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}