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Preparation of Final Accounts – 10 Questions !

Preparation of Final Accounts

There is no legal obligation for sole proprietorship and partnership firm to prepare final accounts, but companies
have statutory obligations to keep proper books of account and to prepare its final accounts every year in the
manner as prescribed in the Companies Act. Chapter IX, sections 128 to 138 of the Companies Act, 2013 deal
with the legal provisions relating to the Accounts of Companies. These sections including Schedule II and III
were brought into force from 1st April 2014. The relevant rules pertaining to these provisions have also been
notified. All these  relevant provisions/schedules and rules will be applicable for the financial years commencing
on or after  1st April 2014. It is clarified that in respect of financial years that commenced earlier than 1st April
2014, shall be governed by the relevant provisions/schedules and rules of the Companies Act, 1956.

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