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Cash basis accounting

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(Querist)
04 June 2013 Dear Friends


Can a Section 25 Company maintain its books of accounts on cash basis???


Because as per the Companies Act Companies are required to maintain the books of accounts on accrual basis

however generally Non for profit organisation maintains the accounts on cash basis only

Please advice
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CA Sumiit B Nagpal

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CA Sumiit B Nagpal (Expert)
04 June 2013 It is not allowed. Violation of Section 209(3) is there. Other Views are also welcome

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