What is Book of Account ?
Book of account is a statutory requirement.
Book of account is a written record of an enterprises in which income and expenditure take place during a prescribed accounting or financial year.
According to Companies Act 2013 Section 2 ( 13) books of account includes records maintained in respect of
(i) all sums of money received and expended by a company and matters in relations to which the receipts and expenditure take place,
(ii) all sales and purchases of goods and services by the company
(iii) the assets and liabilities of the company, and
(iv) the item of cost as may be prescribed under section 148 in the case of a company which belongs to any class of companies specified under that section.
Books of account is a legal document that is a evidence of transaction take place.