Companies Act Section 378ZE — Books of account
CHAPTER XXI
Commercial / Corporate
Summary
Every Producer Company must keep proper books of account at its registered office. These books must record all money received and spent by the company, along with the reasons for those receipts and expenditures.
The books must also cover all sales and purchases of goods made by the Producer Company, and any instruments of liability (such as loans or debts) that the company has signed or taken on.
The books must include details of the company's assets and liabilities. If the Producer Company is involved in production, processing, or manufacturing, the books must also record particulars about how materials, labour, or other costs are used.
The balance-sheet and profit and loss accounts of the Producer Company must be prepared, as far as possible, in line with the provisions of section 129 of the Companies Act.
Official Text
(1) Every Producer Company shall keep at its registered office proper books of account with respect to—
(a) all sums of money received and expended by the Producer Company and the matters in respect of which the receipts and expenditure take place;
(b) all sales and purchase of goods by the Producer Company;
(c) the instruments of liability executed by or on behalf of the Producer Company;
(d) the assets and liabilities of the Producer Company;
(e) in case of a Producer Company engaged in production, processing and manufacturing, the particulars relating to utilisation of materials or labour or other items of costs.
(2) The balance-sheet and profit and loss accounts of the Producer Company shall be prepared, as far as may be, in accordance with the provisions contained in section 129.