Companies Act 1956
Companies Act 1956:- The companies Act 1956 made it compulsory for every company to keep proper set of books 📚 for Recording financial transactions and to prepare its annual statements in the prescribed form at the proper time. The Amendment Act, 1988 has made it obligatory on all companies to maintain accounts on accural basis and according to the Double Entry System of accounting. The provisions governing the keeping of books 📚 and publication of final accounts dealt under laid down under secs. 209 to 223, The brief provisions are as follows: 1. Preparation of final Statements : Under sec. 210 it has been made compulsory to present the Balance Sheet and profit and loss account, at every annual general meeting. For every financial year one annual general meeting must be held. Between two agm 's it shall not exceed fifteen months, however that it may be to eighteen months with special permission with Registrar extended of companies. The responsibility fo