Turnover of company from service upto 50 lacs previous year.

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Querist : Anonymous

Querist : Anonymous (Querist)

13 June 2014 if turnover of company from service having during the previous financial year upto 50 lacs then he can maintain books of account on receipt basis.please reply this question .

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 June 2014 any co as per co act have to mainatain books on accrual basis only............

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 June 2014 section 128(1) of the Companies act 2013 shall apply. Compulsory accrual basis accounting. please refer

"128. (1) Every company shall prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the company, including that of its branch office or offices, if any, and explain the transactions effected both at the registered office and its branches and such books shall be kept on accrual basis and according to the double entry system of accounting:"

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