Book of Accounts of a Company Engaged in the Production of Coffee and Chocolate

April 27, 1960 BIR RULING NO. 218-60 Mr. Robert B. Brown 408 A.I.U. Building Juan Luna, Manila S i r : You have inquired whether or not it is right for a company engaged in the production of coffee and chocolate which was classified as a tax-exempt industry to keep one set of books of accounts consisting of the journal and the general and subsidiary ledger for both its operations. In reply, please be informed that if the company keeps and uses the above-stated books of accounts the same is sufficient compliance with the Bookkeeping Regulations. Accordingly, the company may keep one set of the aforementioned books of accounts provided that all its business transaction are duly recorded therein. As the production of coffee and chocolate constitutes a single business, the transaction in each product need not be segregated. All books of accounts and other accounting records which the company will use should, before being used, be submitted for approval of and registration with either the Regional Office, the Provincial Revenue Officer, or the deputy provincial or city treasurer of the place where the company transacts business. (Sec. 19, Bookkeeping Regulations). Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue