Navin Prabhu.S.

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131801098

Accountancy for Lawyers

Accountancy is a wider concept than Book-keeping. Book-keeping is the recording branch of

accountancy. Accountancy includes Book-keeping and classifying, summarizing and interpreting
of the business transactions. It makes easy to take decisions relating to business. Accountancy
starts where book-keeping ends.

Law is related to both Civil and criminal crimes. Mostly the crimes are related to the property
and money of Industrial and Commerce sectors. Many laws are made relating to the trade and
industry. They are mostly presented in accounts. Law of this sectors are Indian companies Act,
the hire purchase act, The sale of goods Act, The Partnership Act, The Indian Contract Act, The
Indian banking Act, The insolvency Act, Negotiable Instruments Act, The Income Tax Act, The
sales tax Act, The wealth tax Act, Wages Act, and gratuity and Bonus Act, all this Acts are
related with the matter of money dealing and the money dealings have their accounting system.
Besides these Acts, there are Acts relating to international trade Related Acts such as the
Copyright Act, 9757, The trademark Act,1999. The Geographical Indications of Goods
(Registration and Protection) Act, 1999. Designs Act 2000.The Patent Act, 1970 Semiconductor
integrated circuits layout-design Act 2000. Biological diversity Act, The protection of plant
varieties and farmers rights Act, to understand and deal with this entire Acts one should have
the primary knowledge of finance and accounting.