Section 378ZE - Books of account

Books of account require producer companies to maintain detailed accounting records and prepare balance-sheet and profit and loss accounts.

Every Producer Company must keep at its registered office proper books of account recording: sums received and expended with purposes, all sales and purchases of goods, instruments of liability executed by or on behalf of the company, the company's assets and liabilities, and-where engaged in production, processing or manufacturing-particulars of utilisation of materials, labour and other cost items. The balance-sheet and profit and loss account must be prepared in conformity, as far as practicable, with the statutory format and principles applicable to company financial statements.