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As per Section 375 of the Companies Regulations 2020, accounting records means records that are sufficient to show and explain company’s transactions and which discloses with reasonable accuracy the financial position of the company at any given point in time. Accounting records includes supporting documents to the accounting entries such as:
- Cheques and records of electronic funds transfer
- General and Subsidiary ledgers, journal entries
- Work sheets and spread sheets supporting cost allocations, computations, reconciliations, disclosures etc.
- A record of assets and liabilities of the company
- Statement of stock held