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Marcantile Basis

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(Querist)
27 March 2009 It is mandatory to keep books of accounts in the case of a company on marcantile basis
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
27 March 2009 as per section 209(3) proper books of account shall not be deemed to be
kept with respect to the matters specified therein :
(a) if there are not kept such books as are necessary to give a true and fair view of the state of
affairs of the company or branch office, as the case may be, and to explain its transactions;
and
(b) if such books are not kept on accrual basis and according to the double entry system of
accounting.


so it is mandatory
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