Memorandum Trading Account of Branches

Plesae go through the Act of your State andtry to find out the obligation caste on the dealer to maintain books of accounts and records. In most of te States, keeping of stock record is mandatory and there are penal povisions in this regard. However, as the purchase price in case of stok transfer is normally on notinal figures, instaed of trading A/c. Memorandum Trading Account may be prepared giving the sufficint notes & declaration.

If it is a case relating to the State of Assam?

In Assam books of accounts and stock registers are mandatory. Further as per requirment of form no. 47, details relating to trading accounts are also to e part of audit repor.