Jindal Brothers has constituted a Limited Liability Partnership (LLP) under the LLP Act, 2008. There are total 3 partners in the Firm. Jindal Brothers has approached you for maintaining the various books of accounts. Bei

Brief Note on Section 34 read with Rule 24, as per compliance requirement, under the Limited Liability Partnership Act, 2008 According to Section 34 of Limited Liability Partnership Act, 2008, a Limited Liability Partnership shall maintain its books of accounts relating to its affairs for each year of its existence on cash basis or accrual basis and according to double entry system of accounting. The LLP shall maintain its books of accounts at its registered office for a period of Eight years. Rule 24 of Limited Liability Partnership Rules, 2009: The Books of Accounts of a limited liability partnership shall contain the following: particulars of all sums of money received and expended and the matters in respect of which the receipt and expenditure takes place; a record of the assets and liabilities; statements of cost of goods purchased, inventories, work-in-progress, finished goods and cost of goods sold; and any other particulars which the partners may decide. Sub-rule (3) of Rule 24 of Limited Liability Partnership Rules, 2009: The books of account of a limited liability partnership are required to be preserved for eight years from the date on which they are made. Sub-rule (17) of Rule 24 of Limited Liability Partnership Rules, 2009: The remuneration of an auditor appointed by the limited liability partnership shall be fixed by the designated partners or by following the procedure as laid down in the limited liability partnership agreement. Sub-rule (4) Rule 24 of Limited Liability Partnership Rules, 2009: For the purposes of sub-section (3) of section 34, every limited liability partnership shall file the Statement of Account and Solvency in Form 8 with the Registrar, within a period of thirty days from the end of six months of the financial year to which the Statement of Account and Solvency relates. Sub-section (4) of Section 34 of LLP Act, 2008 read with sub-rule (8) of Rule 24, Limited Liability Partnership Rules, 2009: The following limited liability partnerships, shall be required to get its accounts audited: whose turnover in any financial year exceeds forty lakh rupees, or whose contribution exceeds twenty-five lakh rupees.