Company -
A Registered Corporate Body With Distinct Legal Entity

A company is s registered corporate body with distinct legal entity, limited liability and perpetual succession having shares and debentures as capital and loan money.

The word 'company' is derived from the Latin word 'com' i.e. with or together and 'panis' i.e. bread.

With the increase of business activities and scale of business operation, huge amount of money, modern technology, large human contribution etc. Was felt which is not possible to arrange under partnership or proprietorship. To overcome this difficulty, the concept of 'Company' or 'Corporation' came into existence. Under Company Accounts, we find a set of financial records that a company must produce at the end of a accounting year with details of profits or losses of the company

According to Justice Marshal, "A corporation is an artificial being, invisible, intangible and existing only in the contemplation of law".

As per Section 128 of the Companies Act, 2013, Every company shall prepare and keep at its registered office books of account and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the company, including that of its branch office or offices, if any, and explain the transactions effected both at the registered office and its branches and such books shall be kept on accrual basis and according to the double entry system of accounting. Under Section 129 of the Companies Act, 2013, The financial statements shall give a true and fair view of the state of affairs of the company or companies, comply with the notified accounting standards and shall be in the form or forms as may be provided for different class or classes of companies, as prescribed in Schedule III.