Sure, here are the specific financial records that textile traders should maintain for the statutory audit:
1. Cash book:
This records all cash receipts and payments.
2. Bank statement:
This records all transactions made through the bank account.
3. Purchases journal:
This records all purchases of goods and materials.
4. Sales journal:
This records all sales of goods and materials.
5. Inventory records:
This records the quantity and value of goods and materials held in stock.
6. Fixed asset register:
This records all fixed assets owned by the business, such as land, buildings, machinery, and furniture.
7. Debtors ledger:
This records all amounts owed to the business by customers.
8. Profit and loss account:
This shows the financial performance of the business for a given period.
9. Balance sheet:
This shows the financial position of the business at a given point in time.
To visit: https://www.mca.gov.in/
In addition to these records, textile traders may also need to maintain other records, such as:
- Tax records: These records are require for tax filing purposes.
- HR records: These records are required for employee management purposes.
- Compliance records: These records are required to demonstrate compliance with various regulations.
The specific financial records that need to be maintained will vary depending on the size and complexity of the business, as well as the requirements of the statutory auditor. However, the records listed above are a good starting point for most textile traders.
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