Chatterjee, Bose & Dixit Co. LLP was incorporated on 1st October, 2020. It has become very renowned in the field of insurance survey and has already achieved a turnover of ₹5 crore by 31st March, 2021. Advice the LLP

Provisions of the Limited Liability Partnership (LLP) Act, 2008: As per Section 2(1)(j) of the LLP Act, 2008 , "financial year", in relation to a limited liability partnership, means the period from the 1st day of April of a year to the 31st day of March of the following year. However, in the case of a limited liability partnership incorporated after the 30th day of September of a year, the financial year may end on the 31st day of March of the year next following that year. Application to the given case: Chatterjee, Bose & Dixit Co. LLP was incorporated on 1st October, 2020. This date is after 30th September 2020. Therefore, its first financial year will not end on 31st March, 2021, but rather on 31st March of the year next following, i.e., 31st March, 2022. Conclusion: Hence, Chatterjee, Bose & Dixit Co. LLP **cannot prepare its financial statements by ending the financial year on 31st December 2021**. Its first financial year shall end on 31st March 2022, and financial statements shall be prepared accordingly for the period from 1st October 2020 to 31st March 2022.