Responsibility of Accountant for LLP accounting

Here are some points of accountant responsibility for LLP accounting. The account must follow the Responsibility of the accountant for LLP accounting.

Responsibility of Accountant for LLP accounting

LLP Accounting

Section 34 of the Limited Liability Partnership Act requires that each LLP maintain and maintain accounting records that are sufficient to show and explain the transaction of an LLP and that disclose the financial position of the LLP with reasonable accuracy. Such a book of accounts needs to be prepared according to the dual basis of cash basis and double-entry accounting system.


The following are the records that must be maintained at the LLP’s registered office:

  1. The day-to-day entries of all totals of money received and spent by the LLP, and concerning matters that are receipts and expenses.
  2. Record of assets and liabilities.
  3. Description of inventions.
  4. Details of work-in-progress
  5. Description of finished goods.
  6. A description of the cost of goods sold and other details that the partner may decide.
  7. Other details that the partner may decide.

The financial year or an LLP starts from the date of its incorporation (Company registration) in the case of a newly incorporated LLP and in other cases starts on 01 April and ends on 31 March every year. At the end of the financial, the designated partners are required to prepare an annual financial statement and need to certify it to be true. The books of account of the LLP are required to be kept and maintained at the LLP’s registered office for 8 years.

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Accountant’s responsibility

  1. Maintenance of books: –

 The most important role that an account should play is to ensure that books of accounts are maintained and updated.

  • Receivable and payable: –

Payment must be made within the due date to avoid loss of interest and reputation; The method of reminding the attainable must be taken care of.


  • Payroll and Labour Law: –

 Employee’s salary should be paid on time after statutory deductions like professional tax, TDS, PF, and ESIC contribution.

  • Sales Tax Compliance:

Correct calculation/working of VAT payable after taking input tax in credit and filing timely returns is an important responsibility of the accountant.

  • Receivable and payable: –

 Payment must be made within the due date to avoid loss of interest and reputation; The method of reminding the attainable must be taken care of.


  • TDS compliance: –

TDS should be reduced to the applicable rates while paying vendors, employees, contractors, rent, professional payments, etc.

  • Service Tax Compliance: –

Service tax will have to be paid every month after taking an appropriate deduction of an available service tax credit. Returns have to be filed within the due date.

Overall, these all points of accountant responsibility are a part to file the LLP annual compliances. Follow these all points to file the annual compliance without any hassle.