ANNUAL MEETINGS AND ANNUAL REPORTS AND ACCOUNTS BY COMPANIES by : DR. T.K. JAIN AFTERSCHO☺OL centre for social entrepreneurship sivakamu veterinary hospital road bikaner 334001 rajasthan, india FOR – PGPSE PARTICIPANTS mobile : 91+9414430763 5 DECEMBER 09
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Where to keep final accounts?
Sec. 209 : every company must keep accounts at its registered office only.
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Can it keep accounts in other places ? Yes – the board of directors have to take a decision and communicate it in 7 days to ROC (registrar of companies) in form23 AA. It can keep its accounts of branch offices at branch office – but a summarised report should be sent to the registered office at intervals of 3 months. 5 DECEMBER 09
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System of accounting
Double entry system of accounting + accrual system.
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Can a director inspect any book of accounts?
Yes - during business hours ( sec. 209 (4) )
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How long to keep the books of accounts?
For 8 years.
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Can an agent inspect books of accounts?
Yes – if that is agent of DIRECTOR + he can inspect for the requirements of director only + he must be approved by company.
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Adoption of books of accounts
Within 6 months of date of closure of financial year,it must be adopted by AGM as per sec. 210 financial year can be extended upto 15 months and with permission of ROC, upto 18 months. 5 DECEMBER 09
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National advisory commitee on accounting standards
As per sec. 210 A - a national committee is is appointed by govt. To advise the government consisting of 12 representatives of ICAI and other such bodies.
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Holding company / subsidiary company
Holding company accounts must have accounts of subsdidiary company + auditor report sec. 212
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Signing of annual accounts Annual accounts must be signed by 2 direcotrs / manager / secretary if you have MD, he must sign it. Sec. 216 : P & L as per format must be attached with balance sheet. Sec. 217 : board of director must add his report on working of company with the annual account. 5 DECEMBER 09
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