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Section 34 of the Limited Liability Partnership Act requires that every LLP shall maintain and keep the accounting records which sufficient to show and explain the transaction of an LLP and which discloses with reasonable accuracy the financial position of the LLP. Such a book of account need to prepare on accrual basis of cash basis and according to the double entry accounting system.

Following are the records which should be maintained at the registered office of the LLP:

  • Entries from day to day of all sums of money received and expended by the LLP, and the matters in respect of which the receipt and expenditure takes place;
  • Records of the assets and liabilities;
  • Statement of inventories;
  • Statement of work-in-progress;
  • Statement of finished goods;
  • Statement of cost of goods sold; and
  • Other details which the partner may decide.

The financial year or an LLP starts from the date of its incorporation in case of a newly incorporated LLP and in other cases is start on 01st April and ends on 31st March every year. At the end of financial the designated partners are required to prepare an annual financial statement and the same need to certify it to be true. The books of account of the LLP is required to be kept and maintained at the registered office of the LLP for the period of 8 years.

book-keeping

Maintenance of Books

The most important role which an account must play is to ensure that the books of accounts are properly maintained and updated

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Receivable & Payable

The payables must be paid within due date to avoid interest and loss of reputation; the receivable must be taken care of by way of reminders.

book-keeping

Payroll & Labour Law

Employee’s salary need to be paid within time after statutory deductions like Professional Tax, TDS, PF and ESIC contribution

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TDS Compliance

While making payments to vendors, employees, contactors, rent, professional payments etc TDS must be deducted at applicable rates.

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Sales Tax Compliance

Correct computation / working of vat payable after taking input tax in credit and filing of timely return is important responsibility of accountant.

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Service Tax Compliance

Every month the service tax need to be paid after taking proper deduction of available service tax credit. The return must be filed within due date.