Books and Records Used in a Sari-Sari Store Business

October 7, 1958 BIR RULING NO. 645-58 Mr. Jose N. Ancheta Del Mar St. Icoan Cagayan de Oro City S i r : In reply to your letter of July 16, 1958, requesting information as to what books and records should be used in connection with your sari-sari store business, I have the honor to inform you that, pursuant to Section 334 of the Tax Code as amplified by Section 5, Revenue Regulations No. V-1, otherwise known as the Bookkeeping Regulations, as amended, all persons required by law to pay internal revenue taxes whose gross quarterly sales, earnings, receipts, or output do not exceed P5,000.00 may keep and use only a simplified set of bookkeeping records duly approved by the Secretary of Finance wherein all transactions and results of operation are shown and from which all taxes due the government may readily and accurately be ascertained and determined any time of the year. However, those whose gross quarterly sales, receipts, earnings, or output exceed P5,000.00 must keep a journal and a ledger or their equivalents. The Simplified Set of Bookkeeping records available in the market contain adequate instructions to guide you. aisadc We regret that we cannot furnish you with the necessary rules, regulations and circulars you are requesting for lack of copies thereof. Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue