COMPANIES ACT - 1963 (ACT 179)

    Section - 123 - Keeping of Books of Accounts

    (1) Every company shall cause to be kept proper books of accounts with respect to its financial position and changes therein, and with respect to the control of and accounting for all property acquired whether for resale or for use in the company's business, and, in particular with respect to,

    (a) all sums of money received and expended by, or on behalf of, the company and the matters in respect of which the receipt and expenditure takes place;

    (b) all sales and purchases by the company of property, goods and services;

    (c) the assets and liabilities of the company and the interests of the members therein.

    (2) Proper books of account shall not be deemed to be kept if there are not kept such books as are necessary to give a true and fair view of the state of the company's affairs and to prepare proper profit and loss accounts and balance sheets in accordance with sections 125 to 131 of this Code.

    (3) The books of account may be kept either by making entries in bound volumes, or, subject to compliance with subsections (2) and (3) of section 264 of this Code, by a system of mechanical recording, or otherwise.

    (4) The books of account shall be kept at the registered office of the company or at such other place as the directors shall think fit, and shall at all times be open to inspection by the directors, secretary and auditors of the company.