Cash basis accounting
This query is : Resolved
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
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
04 June 2013
It is not allowed. Violation of Section 209(3) is there. Other Views are also welcome
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