Accounting Methods
This query is : Resolved
Ankit Jain
(Querist)
28 March 2009
In case of companies, is there any complusion to use marcantile system of accounting and if yes then under which section of companies act it is allow to use???
CA. B.SRINIVASULU
(Expert)
28 March 2009
Yes, you have to use merchantile system of accounting.
Section 209 of the companies act deals with books of accounts to be maintained and the manner in which it is to be maintained.
Yes, you have to use merchantile system of accounting.
Section 209 of the companies act deals with books of accounts to be maintained and the manner in which it is to be maintained.
Manmohan ACA, CS
(Expert)
28 March 2009
as per section 209(3) a company shall be deemed to be NOT properly maintaining books of accounts
if it does not follow revelavnt AS and/ or
keeps books of A/c s on merchantile system of accounting
if it does not follow revelavnt AS and/ or
keeps books of A/c s on merchantile system of accounting
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