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
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.
The most important role which an account must play is to ensure that the books of accounts are properly maintained and updated
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.
While making payments to vendors, employees,
Every month the service tax