The general regulation of the Companies Act of the Section 167 ( 1 ) province that every company and the managers and directors thereof shall do to be kept such accounting and other records as will sufficiently explicate the minutess and fiscal place of the company and enable true and just net income and loss histories and balance sheets and any paperss required to be attached thereto to be prepared from clip to clip. and shall do those records to be kept in such mode as to enable them to be handily and decently audited.
Therefore. Beta Sdn Bhd. a private company. shall maintain the accounting and other records of the company. The Beta Sdn Bhd. the company is required to maintain records of the company’s fiscal minutess. The records must incorporate sufficient item to enable the fiscal place of the company to be determined at any clip and so that the managers can guarantee that any net income and loss history or balance sheet complies with the demands of the Companies Act 1965.
The records should incorporate all inside informations of any income and outgo and a record of the company’s assets and liabilities. By virtuousness of subdivision 167 ( 3 ) . the Beta Sdn Bhd should maintain the records at the registered office that referred to in subdivision ( 1 ) or at such other topographic points in Malaysia as the managers think tantrum and shall at all times be unfastened to review by the managers.
The managers are responsible for maintaining proper accounting records which unwrap with sensible truth at all times the? nancial place of the company and enable them to guarantee that the? nancial statements comply with the Companies Act 1965. They are besides responsible for safeguarding the assets of the Company and accordingly for taking all possible stairss for the bar and sensing of fraud and other abnormalities.
By virtuousness of subdivision 169 ( 14 ) every balance sheet of the private company. Beta Sdn Bhd shall give a true and just position of the province of personal businesss of the company every bit at the terminal of the period to which it relates and every net income and loss history shall give a true and just position of the net income or loss of the company for the period of accounting as shown in the accounting and other records of the company. and without impacting the generalization of the foregoing. every such balance sheet and net income and loss history shall follow with the demands of the Ninth Schedule so far as applicable thereto.