ACCOUNTS FROM INCOMPLETE RECORDS
Introduction
Maintenance of
accounting records as per double entry system is compulsory for certain
organisations. For example, in India, companies must maintain accounting
records under double entry system as per Section 128(1) of the Indian Companies
Act, 2013. Such organisations must maintain accounts only under double entry
system. Other organisations may or may not strictly follow the double entry
system. Organisations in which double entry system is not strictly followed,
accounting records may be maintained as per the requirements and desires of the
proprietors and accountants. As the accounting records are not prepared in its
entirety as under double entry system, these records are called incomplete
records.
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