148. Duty to keep accounting records

at any time enable the financial positions of the company to be determined with reasonable accuracy;

enable the directors to prepare financial statements in accordance with this Act; and

enable the financial statements of the company to be readily and properly audited.

entries of money received and expended each day by the company and the matters in respect of which such money was spent;

a record of the assets and liabilities of the company ;

if the company’s business involves dealing in goods—

a record of goods bought and sold, except goods sold for cash in the ordinary course of carrying on a retail business that identifies both the goods and buyers and sellers and the relevant invoices;

a record of stock held at the end of the financial year together with records of any stock takings during the year;

if the company’s business involves providing services, a record of services provided and relevant invoices.

the company shall be guilty of an offence and be liable on conviction to a fine not exceeding two hundred thousand rupees; and

every officer of the company who is in default shall be guilty of an offence, and be liable on conviction to a fine not exceeding two hundred thousand rupees.