divya laxmi

LLP is obliged to keep accurate books of account, which can be kept on an accrual basis or a cash basis and must follow the double-entry accounting method. The financial situation, specifics of money received and spent, the list of assets and liabilities, the cost of products acquired, inventories, work-in-progress, finished goods, and cost of goods sold should all be disclosed in the books of account. The designated partner shall be able to verify from the books of accounts that the Statement of Account and Solvency conforms with the llp agreement format.