Accounts of company
(1) Every
company shall duly maintain its accounts in the Nepali or the English language.
(2) The
accounts to be maintained under Sub-section (1) shall be maintained according
to the double entry system of accounting and in consonance with the accounting
standards enforced by the competent body under the prevailing law and with such
other terms and provisions required to be observed pursuant to this Act, in
such a manner as to clearly reflect the actual affairs of the Company.
(3) The books
of account of a company shall not be kept at any place other than its
registered office, except with the approval of the Office.
(4) The cash
balance of a company, other than the amount specified by the board of
directors, shall be deposited in a bank and transaction shall be done through
the bank.
(5) Subject
to the provisions contained in this Chapter, the directors or other officers
shall have the final responsibility to maintain books of account and records of
the company.
(6) Where
there is a default in complying with the provisions made in this Act in respect
of the preparation of books of account and annual financial statements of a
company, the director or officer him/herself, during whose tenure the annual
financial statements and other reports have been prepared, shall be responsible
under this Act.
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