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Accountancy For Lawyers

Prologue
Accountancy is the science, art and practice of an accountant. It is a discipline which records, classifies, summarises and interprets financial information about the activities of a person or concern so that intelligent decisions can be made about the future actions.

Functions Of Accounting:

  1. Systematic record of transactions.
  2. Communicating results to the interested parties.
  3. Compliance with legal requirements.
  4. Ascertain the financial position of individual.


Advantages Of Accounting:

  1. Replacement of memory.
  2. Evidence in court.
  3. Settlement of taxation liability.
  4. Comparative study.
  5. Assistance to various parties.


Limitations Of Accounting:

  1. Records only monetary transactions.
  2. No realistic information.
  3. Personal bias of accountant affects the accounting statements.
  4. No real test of managerial performance.
  5. It lacks a uniform procedure.


Need For Accountancy For Lawyers:

Lawyers have to maintain accounts and for this they should have the knowledge of accounting due to the following reasons:

  1. As a member of the Bar Council, he should know its accounting.
  2. He should know Legal services Authorities and Supreme Court Legal Services Committee.
  3. He should know the accounting of Advocates as per Supreme Court rules.
  4. He should know the welfare fund accounting.
  5. He should know how to prepare his own accounts.


Case Laws:

  1. Hikmat Ali Khan v. Ishwar Prasad Arya and Others (AIR 1997 SC 864).
    The Supreme Court held that the conduct of Ishwar Prasad, an advocate was such that his name should be removed from the state roll of advocates as he was found guilty of an offence of attempting to commit murder and convicted for it and as he was unworthy of remaining in the profession.
  2. Pawan Kumar Sharma v. Gurdial Singh (1998 (7) SCC 24).
    The court held that mere ownership of the taxi cannot lead to any irresistible conclusion that he was engaged in “taxi business” to constitute misconduct.
  3. Harish Chander Singh v. Suman Dondey (1999 (2) SCC 215).
    The court held that the disciplinary committee of bar council could not have held the advocate guilty of charge of misappropriation especially without going the whole of accounts.
  4. Hamiraj L. Chulani v. Bar Council of Maharashtra & Goa (AIR 1996 SC 1708).


The Supreme Court held that the rule made by the bar council restricting the entry of a person already carrying on other profession is not arbitrary and at the same time it does not impose reasonable restrictions. 

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