What are the different types of Account I should start maintaining after opening a proprietorship so

mack (Thinking-to-start-business)   (154 Points)

14 November 2022  

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


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.