Accounting of LLP
Our professional experts along with team of trained articles can assist with Accounting of LLP. Just like any other business, LLPs are also required to maintain books of account. Further, The Accounts of every LLP are required to be audited whose turnover exceeds INR 40 lakhs in a financial year or whose capital contribution exceeds INR 25 lakhs.
A technical guide was released from ICAI on financial statements of LLP . Refer link >> https://resource.cdn.icai.org/70861asb56826.pdf
Financial Statements of LLP
Financial statements form part of the process of Accounting or Financial Reporting. A complete set of financial statements normally includes:
- Balance sheet
- Statement of profit and loss
- cash flow statement and
- Notes and other statements and explanatory material that are an integral part of the financial statements.
Critical points to note for Accounting of LLP
- Accounting Standards are applicable to LLP
- Check whether LLP is Level I or Level II or Level III or Level IV for relevant accounting standard applicability
- Use recommended format of ICAI as prescribed in link mentioned above
- Also refer article >> https://www.taxledgeradvisor.com/accounting/
- Payment of Advance Tax, Deduction of TDS/TCS
- Annual Filling of LLP – Form 8 & Form 11
Need Expert Assistance for Accounting of LLP
For expert assistance on Accounting of LLP in Udaipur and Rajasthan, reach our professionals at Tax Ledger Advisor.
Also refer to articles >>