ACCOUNTING
According to Section 248 (1) of the Companies Act 2016, “the director of every company shall prepare financial statements :-
- within 18 months from the date of its incorporation.
- subsequently, within 6 months of its financial year end”
“Financial Statement”, in layman terms, management accounts consists of the followings : –
1. General ledger.
2. Profit or loss statement.
3. Financial position statement.
4. Trial Balance.
5. Others ie debtors’ ledger, suppliers’ ledger etc.
As such, the Director has to appoint a book keeper/accountant who are knowledge to complete full set of accounting of the company. |