Most importantly, a company has to maintain proper books of accounts including:
(a) receipts by and expense of the company and the matters in relation to which the receipts and expenditure take place;
(b) all sales and purchases of goods and services by the company;
(c) all assets and liabilities of the company; and
(d) items of cost in respect of production, processing, manufacturing, or mining activities.
Like the registers, the company must maintain and keep the books of accounts at its registered office. The books of account must give a true and fair view of the company affairs.
However, in the case of production, processing, manufacturing, or mining activities by the company, there are a few more requirements. The company must also maintain particulars of the utilization of material, labor, and other inputs or items of cost.