I am planning to open a proprietorship to conduct an export-import business and to get the Importer-Exporter Code (IEC) it is mandatory to get a GSTIN regardless of turnover. Now my concern is that in the future if I want to convert a proprietorship to a Private Ltd then there missing audit information should not be a problem, so what type of account I should start maintaining after opening a proprietorship (also considering all accounts that MCA requires that a Pvt Ltd must maintain).
Examples of different types of accounts
1) General ledger
2) Cost Account
3) Final Accounts (Machinery A/c, P&L A/c, and Balance sheet) also called Final Statements
4) income statements cash flow statements (I am not sure if they are part of P & L A/c)
-- I don't know for these types of audits what account types should be maintained.
4) STATUTORY Audit Report under Companies Act, 2013 for Annual ROC - MCA
5) TAX Audit (Income Tax Return )
6) GST Audit
7) SECRETARIAL Audit
8) Free tax due-diligence check
9) Monthly, Quarterly TDS, Services Tax , Sales Tax, Excise Compliance to be completed within the scheduled time frame
Please add any account which I left and is a good practice for a propretor to maintain and later after a few years if converting into Pvt Ltd then it would be easy as already maintaining all essential accounts.
CAclubindia
