ANNUAL CLOSING OF ACCOUNTS PROVISIONS OF ... - FEEA KSFE

ANNUAL CLOSING OF ACCOUNTS PROVISIONS OF VARIOUS ACTS
According to the Companies Act, 1956, every Company has to place the Balance Sheet and the Profit & Loss Account before the Annual General Meeting of the Company within Six months from the end of the previous financial year and the same be filed with the Registrar of Companies within another thirty days.
Every miscellaneous non-banking company shall deliver to the Reserve Bank unless it has done so already, an Audited Balance Sheet as on the last date of each financial year and an Audited Profit and Loss account in respect of that year as passed by the company in general meeting together with a copy of the report of the Board of Directors laid before the company in such meeting in terms of section 217 (1) of the Companies Act, 1956 within fifteen days of such meeting.
According to Income Tax Act, every Company has to file the Income Tax return of the previous financial year on or before 30th September of the subsequent year.
Failure to comply with the above provisions of various Acts heavy penalties are imposed on various Companies, Directors and Officers and in recent years strict follow up action has been taken by various authorities.
In order to satisfy the above statutory requirements the work of annual closing of accounts should be taken up sufficiently in advance.
The branches shall comply with the following guidelines in this connection.
The trial balance and additional statements are to be prepared in the forms set out. Inorder to ensure uniformity in the serial order, it is decided to rearrange all the existing annual shcedule/statements assigning new serial AS Nos. The annual certificates are also given serial Nos. like C1, C2 and C3 etc. facilitating further additions to it. The schedules/ statements, which are subsidiary/related to the Original schedule/statement, are suffixed with Alpha Numerals like AS 2A, 2B etc. Certain modifications have also been made in the title of certain existing schedules/statements. Formats of statements are also enclosed
The updated list of certificates, schedules/statements is attached. Every year, this list should be supplemented/updated by additions/deletions of the
annual schedules/statements & certificates that may be introduced/withdrawn through various circulars.
The codes and heads of accounts should not be changed by the units. It should be ensured that each of the above certificates/schedules/statement is accurate
in all respect and tallied with the CTB. Three full sets of CTB (one for Auditors, one for H.O. through R.O. and the other for the unit) should be prepared every year and aranged in seperate folding files in the order of (1) List of enclosures (2) CTB (3) Certificates C1, C2... etc. (4) Schedules/statements AS1, AS2, etc., and (5) Consolidated Chitty Trial Balance, from top to bottom.
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(Circular No. 79/2001 (FA), dated 09.05.2001) CONSOLIDATED TRIAL BALANCE
Certificates C1 Certificate of Cash on hand C2 Certificate of Imprest cash C3 Certificate of Cheques on hand C4 Certificate of stamps on hand C5 Certificate of Fixed Deposit with Treasury C6 Certificate of Physical Verification of Fixed Assets C7 Confirmation of Bank Balances C8 Bank Reconciliation Statement C9 Confirmation of Treasury Balance C10Treasury Reconciliation Statement C11Certificate of FD with Treasury other than Chitty Security Deposit C12Certificate of Flexy Deposit C13Certificate of FD with Banks Statements/Schedules AS 01 Statement of Foreman’s Commission. (old AS 01) AS 02 Statement of Advances-(HP General) as on 31.03...........
& FC for the year AS 02A Statement of Finance Charges due but outstanding upto six months (HP
General as on 31-03...................(Ref.Cir.No.27/97 dt.26-05-97)
AS 02B Schedule of Finance Charges Suspense A/c (HP) (Ref.Cir No.32/98 dt. 10-08-98)
AS 02C Schedule of Discount from Manufacturers/Suppliers Suspense A/c (HP) (Ref. Cir.No. 30/98 dt. 29-07-98 & 50/98 dt.31-12-98)
AS 02D Schedule of NPA (HP General) Ref.Cir.No.63/2001dt.06-04-01) AS 03 Schedule of Advances-(EOHP) as on 31.03.........& F.C. for the year (use the format
of AS 02 with necessary changes) AS 03A Statement of FC due but outstanding upto six months - (EOHP)
Ref Cir.No.27/97 dt. 26-05-97) AS 03B Schedule of NPA - EOHP (Ref Cir.No.63/01 dt.06/04/01) AS 04 Schedule of Advances (HMS) as on 31.03........
& FC for the year (use the format of AS 02) AS 04A Statement FC due but outstanding upto six months (HMS)
(Ref.Cir.No.27/97dt.26/05/97)
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AS 04B Schedule of NPA - HMS (Ref.Cir.No.63/01 dt.06-04-01) AS 05 Statement of Chitty/Passbook Loan & interest receivable as on 31.03...............
(Ref.Cir.No. 40/91 dt.26-10-91) AS 06 Statement of FD Loan & Interest Receivable as on 31.03............ (Ref.Cir.No.23/89
dt.29-09-89) AS 07 Statement of Gold Loan & Interest Receivable as on 31.03..........
(Ref.Cir.No.22/89dt.28-09-89) AS 07A Schedule of NPA GL (Ref.Cir.No. 20/95 dt.28-09-95) AS 08 Schedule of Loanees (New Chitty Loan) (Ref.Cir.No.2/93 dt.30-03-93 AS 08A Schedule of NPA NCL (in the revised proforma vide Cir.No.63/2001
(FA) dt.06-04-2001) AS 09 Schedule of Loanees - (NFDL) (Ref.Cir.No.21/95 dt.16-10-95) AS 09A Statement of Interest due but outstanding upto six months (NFDL)
(Ref.Cir.No.27/97 dt. 26-05-97) AS 09B Schedule of NPA NFDL (Ref.Cir.No.63/2001 dt.06-04-2001) AS 10 Schedule of Loanees - (NHFS) (Ref.Cir.No.29-95 dt.08-11-95) AS 10A Statement of Interest due but outstanding upto six months (NHFS)
(Ref.Cir.No.27/97dt.26-05-97) AS10B Schedule of NPA NHFS (Ref.Cir.No.63/2001 dt. 06-04-2001) AS 11 Statement of Pass Book Bridge Loan & Interest receivable as on 31.03......... (use
format AS 05) AS 12 Schedule of Loanees - (RCL) (Use the format of above AS 02) AS 12A Statement of Interest due but outstanding upto six months - (RCL)
(Use the format of above AS 02 A with necessary changes) AS 12B Schedule of NPA RCL (Ref.Cir.No.63/2001 dt. 06-04-01) AS 13 Schedule of Advances and Finance Charges -(TFS)
(Ref.Cir.No.2/92 dt.21-02-92)
AS 13A Statement of Interest due but outstanding upto six months - TFS (Ref.Cir.No.27/97 dt.26-05-97)
AS 13B Schedule of NPA TFS (Ref. Cir. No. 63/2001 dt. 06-04-01) AS 14 Statement of Miscellaneous Income (old AS 03) AS 15 Statement of Profit/Loss on sale of Fixed Assets (old As 04) AS 16 Statement of Staff Welfare Expenses (old As 05)
(Detailed format enclosed) AS 17 Statement of Office Rent (old As 06) As 18 Statement of Rates & Taxes (old As 07) As 19 Statement of Legal & Professional Charges (old AS 08) AS 20 Statement of Advertisement Charges (old AS 09) AS 21 Schedule of Agency Commission Payable
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AS 22 Statement of Canvassing Expenses (old AS 11) AS 23 Statement of Deposit in Trust & Interest payable (old As 12) AS 24 Statement of Fixed Deposit from public and interest payable
(old AS 13B) AS 25 Statement of Office/Miscellaneous Expenses (old AS 14) AS 26 Schedule of Fixed Assets & Depreciation thereon (old AS 15) AS 27 Statement of Fixed Assets & Purchased during the year (old AS 16) AS 28 Statement of General Suspense/Collection without Details
(old AS 17) AS 29 Statement of Outstanding Liability for Expenses (old AS 18) AS 30 Statement of Prize Money Payable (old AS 19) AS 31 Statement of Removed Subscribers Contribution (old AS 20) AS 32 Statement of Bonus Payable (old AS 21) AS 33 Statement of Undistributed Salary (old AS 22) AS 34 Statement of Valuation Fee Payable (old AS 23) AS 35 Statement of Auction Security Deposit (old AS 24) AS 36 Statement of Fixed Deposit with Treasury and Interest Accured
thereon (old AS 25) AS 36A Statement of FD with Treasury other than Chitty Security Deposit and Interest Accured thereon (use the above format AS 36)
AS 37 Statement of FD with Banks and Interest accured thereon as on 31-03..........
AS 38 Statement of Piricheduppu Account and Dividend Income thereon (old AS 26) AS 39 Statement of Profit/Loss on Chitty Tickets Subscribed by the Company AS 40 Statement of Stock of Stationery (old AS 27) AS 41 Statement of Chitty Wise Summary of Non-Prized & Prized Default (old AS 28) AS 42 Statement of Classification of Chitty Advances (old AS 29) AS 43 Statement of Travel Advances to Staff (old AS 30) AS 44 Statement of Prepaid Expenses (old AS 31) AS 45 Schedule of Deposit wise Details of Collection Under
Social Security Scheme (old AS 32) AS 46 Statement of Social Security Other Branch Collection
(old As 33) AS 47 Statement of RR Debtors (old AS 34) AS 48 Statement of Sugama Deposits (old AS 35) AS 48A Statement of Non-operative Sugama A/cs
(Ref.Cir.No.2/99 dt.02-01-99)
AS 49 Statement of Amount Payable to Subscribers of Terminated Chitties (old AS 36)
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AS 50 Statement of Revised Bhadratha Deposit (Ref.Cir.No.7621 dt. 16-03-94 & 22-03-94 Annexures A & B)
AS 51 Schedule of Insurance Proposal AS 52 Schedule of Insurance Renewal AS 53 Schedule of Initial Hire (HP) AS 54 Schedule of Initial Hire (EOHP) AS 55 Statement of Amount Recoverable from Staff (Use format AS 43) AS 56 Statement of Recovery from Employees and other Institution
(Use format AS 43) AS 57 Statement of Canvassing Advance (use format AS 43)
AS 58 Statement of Agency Security Deposit & Interest Payable.
AS 59 Statement of Earned Leave (Ref.Cir.No.192/2000 dt.17-11-2000)-
AS 60 Statement of Unpresented Cheques
AS 61 Statement of Prior Period income for the year........................
AS 61A Statement of Prior Period Expenditure for the year.......................... (use the format of AS-61)
AS 62 Statement of Fixed deposits matured but not released beyond 5 years as on 31.03......................
AS 63 Statement of advance (C.V.L.) as on 31.03.................and interest for the year
AS 63A Statement of interest due but outstanding up to six months (C.V.L.) as on 31.03...... (use the format of AS-2A)
AS 63B Schedule of Interest suspense Account (C.V.L.) as on 31.03........... (use the format of AS - 2B with necessary changes)
AS 63C Schedule of NPA (C.V.L.) as on 31.03............... (use the format of AS-2D)
AS 63D Schedule of margin money (C.V.L.) as on 31.03........... (use the format of AS-51 with necessary changes)
NB : Form Nos. C.V.L. 23 & 24 (Given in the Hand Book on C.V.L.) will be applicable only after the computerised of all units.
AS 64 Statement of other interest payments
AS 65 Statement of Flexy Deposit and Interest accrued and receivable as on 31.03............... Consolidated Chitty Trial Balance
AS 66 Chitty Subscription Analysis (Cir.No.103/03)
AS 67 Schedule of Loanee - Flexy Trade Loan as on 31.03..........(Cir.9/05)
As 67A Int. due but outstanding upto Six Months (Flexy TL)
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AS 68 Schedule of safe Deposit Locker rent A/c. (Cir.10/05)
AS 69 Schedule of Tax Planning Loan scheme (Cir.25/05)
AS 70 Schedule of Sugama (Akshaya) OD
AS 71 Schedule of Short Term Deposit & Interest payable
AS 72 Schedule of Door Collection Suspense & Schedule
Sl no. category Rate of Depreciation
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: :Counter & Cabin, Chair, Table visitor’s sofa : benches, stools, Rack/slotted angels, Almirah’s : Steel cabinets, filing cabinets/,Systems, :Cash/ Jewel boxes/safe, wall clocks, Name :Boards, Notices Board etc.
: Typewriter, Calculator, Adding machine, :Numbering Machine, Franking machine, Gold :Weighing Machine, Fax Machine, Photo :copier, :duplicator, Generator, Inverter, Battery :of :inverter, Water cooler, Water Filter/ purifier, :Gold purity Analyser, Fake currency detector, :Vaccum cleaner, fire extinguisher , Burglers :Alarm , etc. : Fans, Tube-sets (initial fittings0, Emergency :lamp set, Air conditioner, Timer etc.
:
:40%
Fixed Asset Register : On the date of receipt, the asset should be serially numbered (with paint) and entered in the Fixed Asset Register at the original cost (rounded to nearest rupee). The date of receipt should be deemed as date of purchase and depreciation should be calculated from this date onwards. Original Cost : In the case of Jewel/Cash safe the erection/installation charges should be capitalised together with its cost and taxes, if any. But in the case of other assets, only their cost with tax need be capitalised and their handling charges such as transportation, loading & unloading etc. should be debited separately under ‘Freight Charges a/c.’
It has been reported that certain branches are accounting the discount received in the purchase of fixed assets as separate income. Such discount should be treated as only a deduction in the cost (as shown in the bill) and not as a separate income.
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Depreciation on Assets of Rs. 5000 & below : (As per Circular No. 14/94 dt. 15.6.1994. Also refer circular No. 39/2008 (FA) dt.09.04.08) Asset purchased on or after 16.12.1993 costing Rs.5000 and below should be completely written off in the year of purchase itself by passing the following entries : Depreciation a/c Dr.Rs.......................(Original cost) To Depreciation Reserve a/c Rs.....................(same amount) Cost implies cost per individual item/unit (not a block/bulk of it). Depreciation on Assets costing above Rs.5000. In the year of purchase, depreciation at the prescribed rates should be provided on the original cost for the actual days in possession, from the date of delivery at our office to 31st March (both days inclusive). in subsequent years, depreciation should be provided on the written down value (WDV). Sale of Fixed Assets : Prior sanction should be obtained from H.O. for the sale of fixed assets. An Auction Sale Notice should be exhibited in the unit atleast one week in advance. On the date of sale, the following two journals should be passed: 1) For the current year Depreciation of the asset sold:
Depreciation a/c Dr: Rs......[Depreciation on the WDV, if any, from the 1st April of the accounting year to the date of sale (excluding the date of sale)
To Depreciation Reserve a/c Rs...... (Same amount) 2) For the profit/loss and removal of the asset sold:
Depreciation Reserve A/c Dr. Rs......(Accumulated Depreciation of the asset till the date of its sale)
Cash/Bank a/c Dr. Rs...... (Sale proceeds) Profit/Loss onsale of : Dr. Rs......(Loss : Excess of WDV over Assets a/c : sale proceeds) To Concerned asset a/c Rs......(Original cost) (i.e., F&F/O.E/E.F/ Bicycle a/c etc.) To Profit/Loss on sale Rs......(Profit: Excess of sale of assets a/c proceeds over WDV) (WDV = Original Cost - Depreciation Reserve)
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(Accumulated Depreciation = Closing balance of Depreciation Reserve as at the end of the immediate previous year + Depreciation for the current year) Depreciation on the Assets transferred : See instruction given else where in this circular. Depreciation Rounding : From 1.4.2000 on wards, depreciation should be rounded to nearest rupee, i.e. ignore fraction below 50 ps. and round off paise 50 and above to the next rupee. Asset lost by theft/fire, etc. : As soon as the loss/missing of any asset is detected, the fact should be reported to H.O. on the same day itself over phone, through messenger, letter, etc. based on the gravity of the loss. Considering the merit of the case, HO will give necessary instructions as to whether the matter should be reported to police or the asset be discarded as a loss, etc. If the H.O. instruction is to discard it as a loss, the following entries should be passed to wipe off the asset from the books of accounts. Depreciation Reserve a/c Dr: Rs......(Accumulated Depreciation
at the end of the immediate previous year)
Loss of asset by } Dr: Rs...... (WDV if any) theft/fire } To concerned Asset a/c Rs...... (Original Cost) Sales/Loss by theft, fire, etc. of assets should be recorded in red ink in the Fixed Assets Register.
Writing off an Asset : Writing off an asset means making the WDV of the asset ‘Nil’ (but not removing it from your stock of assets). Accounting entry for writing off an asset : Depreciation A/c Dr: Rs......(Amount of WDV) To Depreciation Reserve A/c Rs...... (Same amount) When the above entry is passed, the WDV of the asset becomes ‘Nil’ and its Depreciation Reserve and ‘Original Cost’ become equal. Though the asset is written off, it should continue to be included in the stock of assets and its original cost and Depreciation Reserve should be retained in your books of accounts until it is disposed of from your unit by sale or transfer. Transfer of Assets : Entries at the Originating Unit (from which the asset is transferred) :
When a fixed asset is transferred from a unit, it should be removed from the stock and the books of accounts of the unit by passing the following entries : Depreciation Reserve a/c Dr: (The entire Depreciation
provided on the asset till the end of the immediate
previous year of transfer) ROC a/c Dr: (The WDV, if any, of the
asset as at the end of the
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immediate previous year of transfer)
To Concerned asset a/c (Original Cost) i.e. F&F/O.E./E.F./Bicycle a/c, etc. On the date of transfer of the asset, a Debit Note for its WDV (the above amount debited in ROC a/c) should be sent to the responding unit together with the asset. Particulars like name, quantity, original cost, depreciation reserve, etc. of the asset should be specified in the narration of the Debit Note/its covering letter. The Original Cost, Depreciation Reserve and Written Down Value of the asset transferred shall be shown in red ink as deduction in the Fixed Assets Register. The Originating unit should not provide depreciation of the asset for the year/fraction of the year in which it is transferred. Entries at the Respondig/Receiving Unit (to which the asset is transferred) : When an asset is acquired by transfer, the receiving unit should enter the asset in its Stock and books of accounts by making the following entries on the basis of the Debit Note received from the Originating Unit.
Concerned Asset a/c Dr: (Original Cost as intimated (i.e. F&F/O.E/E.F/Bicycle a/c etc.) by originating Unit) To ROC a/c (WDV, if any as per the Debit
Note) To Depreciation Reserve a/c (As intimated by the
Originating Unit) The receiving unit should enter the asset in its Fixed Asset Register on the date of receipt itself at the original cost, gross depreciation and written down value, if any. Also, the asset should be serially numbered with paint as usual. The receiving unit should calculate depreciation on the Written Down Value of the asset for the whole year in which the asset is transferred. N.B: All the entries in respect of assets transferred should be made in the same financial year by both the Originating and Receiving Units without fail. Otherwise, the consolidated entries of the Assets of the Company as a whole will not tally in the year concerned. Hence, as far as possible, transfer of assets should be avoided in March. Schedule of Fixed Assets & Depreciation Thereon (AS 26,15,27): As per the existing producers, when assets are transferred, the transferring unit and receiving unit should make corresponding deductions and additions respectively in the opening balances of Gross Block, Depreciation & WDV. However, most of the units make mistakes in effecting the above changes in the opening balances and H.O. finds it difficult to consolidate their erroneous balances. Hence, the following modifications are hereby issued: From 2000-2001 onwards, when assets are transferred, the units/offices concerned should not change their opening balances of Gross Block, Depreciation and WDV. Instead, entries in respect of the assets transferred should be shown separately and these figures should be added to/deducted from the opening balances
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and the figure in the column “Sub Total” will be the net (including the transfer). The revised format of the schedule is enclosed. Necessary changes have been made in Format of the schedules of Fixed Assets in order to assert and simplify transactions in respect of transfer, sales, etc. Details of asset transferred, asset purchased (AS 27) and Profit/Loss on sale of assets (AS 15) should be properly furnished. The existing AS 15, AS 4 and AS 16 have been changed to AS 26, AS 15 and AS 27 respectively. The following points should strictly be complied with while preparing the schedules of Fixed Assets.
(1) Only the revised formats should be used. (2) The opening balances under each item for the current year should tally with the
corresponding closing balances of the previous year. That is, the opening balances as per column Nos.2, 8 & 17 of AS 26 of the current year should be equal to the respective closing balances of the previous year.
(3) All the figures in the schedules AS 26, AS15 & AS 27 should agree with the corresponding figures in Fixed Assets Register and Consolidated Trial Balance.
(4) Every column of AS 26, AS 15 & AS 27 should be correctly filled up with all the details required therein.
(5) The fixed assets purchased during the year (Col. No.5 of AS 26) should tally with the figures in AS 27. The date of purchase of each item should be furnished in AS 27.
(6) The fair copy of the worksheet with complete details of induvidual asset, its original cost, depreciation, WDV, etc. should be kept in the office file for the verification by the Auditors.
Wrong Credit/Debit balances in certain accounts In few instances, debit balances are seen in those accounts where only credit balance shall occur and vice versa. This is not a good state affairs as far as accounting procedure is concerned. Some examples as pointed out by the statutory auditors for the year 1997-1998 are given below: a) Non prized collection b) Valuation fee payable c) Insurance proposal d) Insurance renewal e) HP initial hire account f) HP retention fund g) RBD - agency commission payable h) Piricheduppu account etc.
The above accounts should always show credit balance. Please remember that income/profit heads & liability accounts show credit balance and expenditure/loss & asset accounts show debit balance.
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Please see that the balance figures as per General Ledger should tally with its supporting schedules/statements/certificates. Loss on sale/auction of pledged gold ornaments should not be written off, but debited to ‘Gold Loan Loss Recoverable A/c’ and its detail shall be reported to H.O. for appropriate decision as to whether it be written off, as a loss due to market fluctuation/any reason beyond control or be recovered from concerned officials for non-compliance of relevant H.O. instructions. (This is an amendment to circular No. 132/2000 dated 31-7-2000 in this regard.)Few branches, by mistake, extract the heads under income/expenditure to balance sheet side. This, of course, affects the profit/loss of the branch. The accuracy of the placement of heads must be checked. When the hand written trial balance is typed, there is a chance of errors creeping in due to column change etc. To avoid the same, it is advised to take photocopy of the legible fair manuscript.
All the balance coming under the existing HMS scheme may be taken separately in General Ledger, for schedule purpose and then clubbed with the respective balances of HP (General) schemes in General Ledger, passing necessary journal entries.
The outstanding balances as per monthly report shall be checked with concerned balances in General Ledger then and there and correction, if any required, shall be done forthwith in the monthly report.
Pay Roll Accounting :
It has been reported that certain branches are not accounting Pay Roll properly & uniformly. So all are directed to follow the instructions given in this regard vide Para 13.41 of MOP (Page 520-521). Also refer circular No. 13/2006 dt. 13.12.06
The entry to be passed by the Unit on receipt of the pay roll is as follows :
Salaries and allowances A/c Dr: (Gross salary as per the payroll less allowances to be accounted under office maintenance. Expenses A/c (code 286) and staff welfare Expenses A/c (code 204)
Staff welfare expenses A/c Dr: (Pl. refer circular No. 13/2006 dt. 13.12.06)
Office maintenance Expenses A/c Dr: (Pl. refer circular No. 13/2006 dt. 13.12.06)
Contribution of EPF A/c Dr: (Management contribution equal to
employees contribution excluding voluntary contribution)
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Contribution to L.W.F. A/c Dr: (Management contribution equal to double the amount of employees contribution) To Salaries and allowances A/c (Recovery of excess payment) To Regional office Current A/c (All recoveries plus management contribution to E.P.F. & L.W.F.) To Salaries and allowances payable A/c (Net salary) When salary is disturbed, the amount shall be debited to salaries and allowances payable A/c and credited to Sugama A/c concerned. Appropriation of Telephone Deposit : The lumpsum Deposit initially made by the unit for getting telephone connection under the OYT Schemes is a deferred revenue expenditure which is to be written off equally over the period 20 years. Therefore, it should be appropriated yearly @ 1/20 by passing the following entries as on 31st March every year until the Deposit Amount is depleted fully. Telephone charges a/c Dr: To Telephone Deposit a/c The branch may ensure that the periodical deductions are made in the telephone bills until the telephone deposit is set off. F.D. from Public (General) & FD from Public (EOHP) : F.D. from public (EOHP) is the deposits collected vide G.O. MS73/87/TD dt. 17.08.87. The validity of the guarantee (vide the G.O) and the limit of the amount guaranteed have been enhanced from time to time. The limit of the amount now stands at Rs. 1500 crores vide GO MS 123/2002/TD dt. 26.08.2002. FD from Public (General) is the FD collected prior to the above G.O. cited 1st. In this a/c, normally, there will not be any balance other than the Deposits matured but not claimed. Balance, if any, in the “FD from public (General) A/c” should be transferred to “FD from public (EOHP) A/c” Also the entries, if any, in the “Statement of FD from Public (General) and Interest Payable” (Old AS 13A) should be merged with the “Statement of FD from Public (EOHP) and Interest Payable”. Therefore, the “FD from public (General) a/c” and its annual “Statement of FD from public (General) and interest payable as on 31st March” (Old AS-13A) should be discontinued from the year 2000-2001 onwards. “The statement of FD from public (EOHP) and interest Payable as on 31st March” should be prepared in the Proforma prescribed. The column “Matured but not paid” of the old Proforma should be read as “Matured but not claimed”. Please note that the old No.AS-
13B of the statement has been changed as AS-24 as per Circular No.79/2001 (FA) dt. 9.5.2001.
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New Head of Account: “FD matured but not claimed A/c”
Statutory Auditors have instructed us to maintain a separate account for the FD matured but not claimed. Hence, as instructed in circular No. 85/01 dated 22/05/01, from 31-03-01 onwards, the total of the column ‘FD matured but not claimed’ in AS No.24 should be brought under a new A/c styled as “FD matured but not claimed a/c” debiting the “FD from Public (EOHP) A/c.” It should be noted that a separate statement of “FD matured but not claimed” is not necessary as the same is already available in AS-24.
From 2001-2002 on wards, as on 31st March every year, the total amount under the column ‘FD matured but not claimed’ of AS-24 should be transferred from “FD from Public (EOHP) a/c” to “FD matured but not claimed a/c”. The previous year’s entry in this regard should be reversed on the 1st of April.
Entries as on 31st March FD from Public (EOHP) a/c Dr: Rs..... (Current year
amount as per the column “matured but not claimed” of Form AS-24)
To FD matured but not claimed a/c Rs..... (same amount) (Being the current liability of ‘FD matured but not claimed’ for the year..............) The above entry should be reserved on the 1st os April of the succeeding year by passing the following entries. FD matured but not claimed a/c Dr: (Previous year
amount) To FD from public (EOHP) a/c (Same amount) (Being the resersal of the previous year’s entry Journal Voucher No..............) After reversing the previous year’s entry on the 1st of April as above, the current year’s repayments of the ‘FD matured but not claimed’ should be debited in the FD from Public (EOHP) a/c’ as usual. The deposit balances under columns “Matured but not claimed” and “others”of AS-24 (old Form AS-13B MOP Page No.549) should tally with the balances outstanding in “FD matured but not claimed a/c” and FD from Public (EOHP) a/c” respectively. The above column “others” of AS-24 represents all the deposits, which are not matured as on date.
Provision of interest on FD matured but not claimed. As per circular No.245/02 (FA) dated 18.11.2002, interest Sugama rate prevailing at the year-end (31st March) shall be provided on the matured but not claimed FD for the exact period for which the matured FD is remaining unsettled. For making the interest provision on matured
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deposits, interest for the year column (column 12) may be split up into 2 as interest on live/ closed FD (column 12A) and interest on FD matured but not released (column 12B). Fixed Deposit Matured But Not Claimed Beyond Five Years : Fixed Deposits matured but not released beyond 5 years have to be transferred to the Register of Companies as per the relevant rules. Such depositors/nominees in the case of deceased depositors may be intimated either to close the deposit or to renew the same. If they fail to do so, such deposits with interest due (Sugama rate) if any shall be transferred to H.O. Once the amount is transferred to the Register of Companies to the credit of “Investors Education and Protection Fund” request for refund will not be entertained by the fund. A statement may be incorporated with the final accounts in the format in AS-62. Provision os interest on Matured Statutory Deposits : As per Circular No.2307 dt. 14.12.1990, provision of interest admissible now at (treasury savings bank rate prevailing on 31st March) should be made on the Chitty Security Deposits matured but not released. Since it has been reported that certain treasuries provide us interest on such deposits at a higher rate the following clarifications/instructions are given for due compliance. (Please note that from 2002-03 onwards provisions in this regard has to be made at the treasury SB rate, prevailing on 31st March instead of the early rate of 6%) Provision of interest admissible need be made only for the period for which we have not received interest from the Treasury on the above deposits. For example, if we have received interest on such deposits at any rate upto 31st December, we should provide interest admissible (Treasury SB rate) only for the remaining period of 3 months. Accounting Entries : a) For the interest received :
Concerned TPA a/c Dr: To interest on FD with Treasury A/c.
However, if treasuries later reduce/enhance, respectively, the rate at which they have already provided us interest on such deposits, the excess/shortage in the interest already received should be set off by debiting/crediting (as the case may be) the above A/cs. in the year in which the revised interest is received. b) For the interest not received but accured & Provided for (treasury
SB rate):
To interest on FD with Treasury a/c.
This provision of interest at the above rate should continue to be made as on 31st March every year after reversing the previous year’s entries of such provision until the matured FD is closed or the treasury provides us interest on such deposits. At the time of closure of TFD the difference between the total interest received and the interest receivable as at the end of the previous year should be accounted as accural for the current year.
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TDS Certificates :
(a) Some of the treasuries/Banks I.T. at source from the interest earned on our TPA/Flexy Deposit Account. In such cases the units concerned should obtain necessary certificate in Form 16A from the Treasuries/Banks and forward the same to H.O. along with a Debit Note.
(b) Whenever Income Tax is deducted at source by units from Interest on F.D, rent, agency commission, etc., its Credit Note with details in the prescribed format should be forwarded to H.O. immediately for issuing TDS certificate.
Foreman’s Investment Accounts :
Some branches are not properly maintaining the following three accounts in respect of Foreman’s Investment.
(1) Pirichduppu A/c (For the Statutory Tickets in the chitties started on or after 1.9.1991 vide Circular No.33/91 dt.30.8.1991.
(2) Foreman’s Investment in Statutory Tickets A/c (For the Statutory tickets in the chitties started prior to 1.9.1991)
(3) Foreman’s Investment in Chitty No...... A/c, (for the chitty tickets substituted by the Foreman on or after 1.9.1991 vide Circular Nos. 31/91 dt. 29.8.1991 & 32/91 dt.30.8.1991)
Piricheduppu A/c :
As per Circular No. 33/91 dt.30.08.1991, on the date of 1st auction, sala amount of Foreman’s Statutory Ticket(s) should be debited to Prize Money paid a/c and credited to Piricheduppu a/c. Since this initial entry is not passed in some branches, their Piricheduppu a/c shows debit bpalance, which is another defect, pointed out by Statutory Auditors.
On the date of subsequent auctions, the following journal entries have to be passed:
Piricheduppu A/c Dr: (Gross Instalment)
Auction Veethapalisa A/c Dr:
Prized collection A/c (Gross instalment) Dividend Income
On termination of the chitty, piricheduppu A/c will show ‘NIL’ balance.
Profit / Loss on Chitty tickets substituted by the Company :
As per Circular No.32/91 dated 30.08.1991, remittance of monthly instalment of the tickets substituted by KSFE should be made by transfer challans on the due date of chitty
16
every month regularly, debiting the “Foreman’s Investment in Chitty No..........a/c” and crediting the concerned chitty memo a/c. Immediately after termination of the Chitty the prize amount payable in respect of the Company’s substituted tickets should be transferred to the “Foreman’s investment in chitty No.......a/c” by passing necessary entries (Ref. “Closing of Terminated Chitties”). The remaining credit/debit balance in this account should be transferred to “Profit/Loss on Chitty Tickets Substituted by the Company A/c”. Since certain branches are not complying with these instruction, the profit on Foreman’s substituted tickets cannot be ascertained. This defect also has been subject to adverse comments by auditors. Hence, branches are hereby directed to abide by the above instruction strictly and furnish a “Statement of Profit/Loss on chitty tickets substituted by the Company” in he format AS 39.
Appropriation of Finance Charge Suspense A/c (HP tie up) :
As per Circular No.32/98 dt. 10.8.98, the buy back interest (under HP tie up) credited in Finance charge suspense A/c shall be transferred to Finance Charge A/c on the instalments due (including the premature closure) upto the 31st March every year. A transfer challan should be prepared for this and posted in the respective folio of HP personal ledger under columns “Finance charge” & “Net Amount” as on 31st March until the Finance charge suspense in respect of concerned HP Agt. is thus fully appropriated.
Appropriation of CVL Interest Suspense A/c :
See Page 7 of Hand Book on CVL.
Previous year’s cheques bounced in the current year : The entries made on account of cheques received during the previous year and returned/bounced subsequently during the current year should be reserved as on 31st March of the previous year itself. The cheques issued but outstanding for more than six months as on 31st March should be transferred to ‘Unpresented Cheques account’ by debiting Bank account and at the year end statement of unpresented cheques extracted . ( Format AS-60) The codes and heads of Accounts should not be changed by units : The codes and heads of Accounts specified in the Format of Trial Balance should not be altered by units since it is on this basis that data are entered in computer. No new heads of accounts shall be opened by units without the permission from the Finance Department, H.O. Prior Period Income / Expenditure Prior period items are income or expenses, which arise in current period as a result of error or omission in the preparation of financial statement of one or more prior periods . Others can be treated as normal expenses/income for the current financial year and accounted accordingly. For example :- Payment of arrear rent to the building owner consequent to the delay in renewal of lease agreement is a regular expense (Rent) in the year in which the arrears are paid and not prior period expenditure. In another case if the normal rent for March 2007 is paid in April 2007 and no provision is made for the outstanding rent in financial year 2006-2007 due to omission, such rent paid in April 2007 is to be treated as prior period expenditure in financial year 2007-08. Occurrence of prior period income/expenditure should be avoided as far as possible.
17
Non-Operative Sugama Accounts : As per Circular No. 2/99 (PLG) dt.02.01.1999, Sugama accounts with balance below Rs.250/- which have been continuously non-operative for more than a year have to be transferred to Non-operative Sugama Account. Pass the following journal entry in General Ledger : Sugama Deposit AccountDr: (Total of non-operative accounts transferred) To Non-operative Sugama accounts. On every successive 31st March, folio charge of Rs. 10/- is to be deducted from each account in the Non-operative sugama register till the balance becomes less than Rs.10/- with “T” challan, crediting “Folio charge on non-operative Sugama A/c (Code No.174). (This is an amendment to circular No.2/99 dated 2-1-99 in this regard) Undivided Dividend As per Circular No.13/97 dated 24-03-97, on termination of each chitty, the balance if any of its undivided dividend shall be transferred to “Difference in rounding off to Rupee account” by passing the following entries. In chitty ledger : Auction veethapalisa A/c Dr. To G.L. adjustment A/c In General ledger : Chitty memoranda A/c Dr. To Difference in rounding off to rupee A/c (Being the transfer of balance in undivided dividend in terminated chitty No......... to P & L A/c)
CLOSING OF TERMINATED CHITTIES Even through instructions have been given time and remain for closing the accounts of terminated chitties in time, in some branches the accounts of terminated chitties still remain to be closed. Statutory Auditors have often commented adversely on this aspect as Profit/Loss on terminated Chitties cannot be ascertained and also the assets & liabilities are seen over/understated, which are against the Accounting standards. Hence, in order to avoid further comments by the Auditors, all branches are once again directed to close the accounts of terminated chitties immediately on termination by passing necessary entries. It should be ensured that there should not be any balance in the ‘Foreman’s Investment in Statutory ticket a/c’ as on 31.03.2003. Producers for closing the terminated chitties are given in Para Nos. 13.14-13.16 Chapter XIII of MOP (Page 478-487). Immediately after termination of the chitty the prize amount payable in respect of the Company’s substituted tickets should be transferred to the “Foreman’s investment in chitty account” by passing the following entries.
a. In the chitty ledger Prize money payable account Dr. (Prize money payable in respect of all tickets substituted by Company)
18
To G.L.A b. In the General Ledger
Chitty Memo account Dr. (Prize money) To Amount payable to subscribers (Amount due to original subscriber)in terminated chitties To Foreman’s investment in Chitty No.... A/c (Balance prize money)
Balance in the Foreman’s investment account shall be transferred to “Profit/loss on chitty tickets substituted by the Company” account. Since certain branches do not comply with these instructions, the profit/loss on foreman’s substituted ticket cannot be ascertained. This defect has also been subject to adverse comments by auditors. Hence branches are hereby directed to abide by the above instructions strictly and furnish a statement of profit/loss on chitty tickets substituted by the company in the format AS-39. The remaining accounts in the subscribers personal ledger of terminated chitties will represent the following categories. a. subsribers to whom credit balance in the suspense A/c in the personal ledger is
refundable. b. Prized defaulters in whose cases RR action has not been initiated. These accounts in subscribers personal ledgers should be closed and the balance transferred to separate register, i.e. Register of APSTC and Terminated Chitties Personal Ledger. A) Procedure for accounting the credit balance payable in Terminated Chitties : (i)These subscribers to whom credit balance of suspense account in the personal ledger is
refundable should be entered in the register of APSTC in the columns “Suspense Credit” and “Balance Payable”. In respect of the credit balance payable, the following Journal entries may be passed.
In Chitty Ledger : Excess/short collection Dr. To G.L.A. (Being the amount payable to subscribers of terminated chitties)
In General Ledger : Chitty Memorandum A/c Dr. To APSTC payable (Being the amount payable to subscribers of terminated chitties)
(i) Any amount payable to subscribers of terminated chitties lying in any other accounts in the General Ledger and Chitty Ledger other than Removed Subscribers’ subscription should be transferred to this account.
(iii) Before effecting the transfer vide (ii) above a list of subscribers to whom the amounts are due should be prepared and got tallied with the concerned accounts in the General Ledger/Chitty Ledgers. The list should then be copied to this Register.
19
(iv) When refund is effected from this account the date of refund should be noted in the register against the entry concerned in the column provided for the purpose and the noting should be certified by an Officer of the Branch. (v) At the end of each financial year, a list of unpaid amounts should be extracted
from the register and the same got tallied with the balance in the “Amount payable to subscribers in Terminated Chitties Account”.
The list so tallied will form part of the annual accounts. B) Procedure for accounting of amounts realisable from prized
defaulters in Terminated Chitties other than R.R. Debtors : (i) After passing the entries as stated above, the remaining accounts in the subscribers personal ledger will represent prized defaulters against whom R.R. action has not been initiated.
(ii) A list of such defaulters should be extracted in the following proforma
(iii) The list of defaulters prepared vide (iv) (ii) above should be got tallied with the control accounts as detailed below in C
(v) & (vi) C) (i) Closing of Foreman’s Investment in Statutory Tickets account
(For the Statutory tickets in the chitties started prior to 01.09.1991) The balance in the Foreman’s investments in Statutory Tickets Account in the general ledger in respect of terminated chitties should be closed since the liability of the Company on the statutory tickets prized in its favour ceased to exist on termination of the chitty. The following journal entries should be passed for this purpose.
In the General Ledger : Chitty Memorandum Account Dr: (Gross amount subscribed by
the Company for the entire
Chitty No
Chittal No
20
instalments of the statutory ticket held by it and debited to “Foreman’s investment in Statutory Ticket Account”.)
To Foreman’s Investment in Statutory Ticket Account In the Chitty Ledger :
Non-prized collection A/c Dr. To General Ledger adj. A/c
(ii) Closing of Piricheduppu A/c In the normal course Piricheduppu A/c will show a ‘nil’ balance after the termination of chitty. However if there remains any balance, verify whether the entries as per Circular No.33/91 dated 30.08.91 have duly been passed, i.e. whether the sala amount was credited in the Piricheduppu A/c at the commencement of chitty and monthly instalment (Gross) debited every month till the termination if not already passed do the same to close the account.
(iii) Closing of “Non-prized Collection Accounts” in the Chitty Ledger After termination of the chitty the “Non-prized Collection account” should show a ‘nil’ balance in the normal course. The balance if any available in the “Non-prized collection account” even after termination of the chitty, represents mistakes in transferring the collections to “Prized Collection Account” during the currency of the chitty. The balance, if any, in the “non-prized collection account” should therefore, be transferred to the “Prized collection account”
(iv) Closing of prized collection account The balance in the “Prized Collection Account should be transferred to the “Prize Amount Paid Account” by passing the following journal entry in the concerned chitty ledger. “Prized Collection Account” Dr. To “Prize Amount Paid A/c”.
(v)The balance now available in the “Prize Amount paid Account” will tally with the list of prized defaulters prepared as per para B (ii) above.
(vi) The “Suspense Column” of the list of prized defaulters prepared as per para B (ii) above will tally with the balance in the “Excess/Short Collection/Suspense Account” in the concerned chitty ledger.
D) In branches where the chitty ledgers do not contain the cumulative balance of the control accounts i.e. balance from the commencement of the chitty, the control accounts should be analysed chitty-wise with reference to the chitty trial balances available in the annual accounts file of each year and the same transferred to the chitty ledgers of induvidual chitties.
21
E) The Suspense Account (Dr./Cr.) should be transferred to the Prize Amount Paid A/c. A final list of prized defaulters (as per col 7 of proforma referred to para (B) (ii) should be prepared and tallied with the balance in the Prize Amount Paid Account.
F) The balance available in the various accounts in the Chitty Ledgers of terminated chitties should then be closed by passing appropriate
journal entries after extracting the trial balance of the Chitty Ledgers. The balance in the control accounts of all the terminated chitties should be brought over to a separate chitty ledger to be maintained for all the terminated chitties together. This transfer from the existing Chitty ledgers to the new one will be made by passing appropriate journal entries, in the existing Chitty Ledgers, General Ledger and the common Chitty Ledger to be opened for all the terminated chitties together. For Example : If the final trial balance in a Chitty Ledger is as follows :
Dr. Cr. Prize amount paid 4132.80 Auction Dividend 1842.30 General Ledger Adj a/c 2290.50
The entries passed are as follows : In the Old Chitty Ledger to close the accounts :
General Ledger Adj a/c Dr. 2290.50 Auction Dividend A/c Dr. 1842.30 To Prize Amount Paid A/c 4132.80
In General Ledger : Terminated Chitty Memoranda A/c Dr. 2290.50 To Chitty Memoranda A/c 2290.50
In the terminated (Chitties) Chitty Ledger : Prize Amount Paid Dr. 4132.80 To Auction Dividend 1842.30 To General Ledger Adj. A/c 2290.50
The aforesaid entries are only illustrative, The actual entries shall differ with regard to the debit/credit as it depends on the final balance shown by each account after all adjustments.
G) Now, the aggregate of list of defaulters of all the terminated chitties together will tally with the balance in the “Prize Amount Paid Account” in the newly opened chitty ledger common for all the terminated chitties together. The dues realisable from induvidual defaulters as per the list should then be posted as opening balance in a new subscribers personal ledger in which one folio each will be allotted for each defaulter. While posting this opening balance, the columns “Instalments No” should be filled in with the instalments from which the default commenced and the due date thereof. The column “Gross subscription” should be filled in with the gross amount of default, and the net balance ‘realisable from the subscriber
22
should be entered in the column ‘Balance in accounts’. It should be noted that there will be only one common subscribers personal ledger for all the defaulters of all the terminated chitties and should be maintained in volumes required [depending upon the number of defaulters] to accommodate all the defaulters in all the terminated chitties
H) It should be ensured that defaulters of each chitty should be entered continuously showing chitty No. and chittal No., with proper index. Collection towards defaults of terminated chitties should be entered in a common chitty day book/collection register maintained for all the terminated chitties together. The total of the net chalan amount as per the common day book/collection register should be extracted to the Daily Collection Summary. The individual entries in the Day Book should be posted to the personal ledger. The method of posting will be similar to the procedure already mentioned. The column “balance in account” in the subscribers personal ledger should be reduced by the net amount of default realised excluding the default interest appropriated and the reduced balance recorded while posting each entry.
I) At the end of each quarterly Collection Summary of the Personal Ledger of Terminated Chitties should be extracted and the total of the net chalan amount column therein should be got tallied with the credit side of the Memorandum Account (Terminated Chitties). The following journal entry incorporating the collections as per the quarterly collection summary in the “Chitty Ledger of terminated Chitties” should also be passed. General Ledger Adjustment Account Dr.
To Prize Amount Paid Account To Default Interest Account
23
FORMATS OF ADDITIONAL STATEMENTS (For Annual Closing of Accounts)
AS -1 Statement of Foreman’s Commission for the year…………………… Chitty No
Sala Total No. of auctions conducted during the year.
No. of auctions fixed in favour of KSFE
F.C from prized subscribers other than KSFE
F.C on KSFE substituted tickets
Total 5+6+7
Portion of FC from KSFE substituted tickets .
1 2 3 4 5 6 7 8 9
AS-2 Statement of HP advances as on 31.03……. and FC for the year SI No Agt.No Name
of Hirer
Repayment of advance during the year
Amount transferred to RR
March ((5+6) – (7+8))
Finance charges collected during the year.
1 2 3 4 5 6 7 8 9 10
Total
24
AS -2A Statement of finance charge on HP due and outstanding up to 6 months as on 31.03……….
SI No.
No.of instalments defaulted as on 31.03……
F.C/Interest per instalment
F.C/Interest due & outstanding
TOTAL
AS -2B Schedule of Finance charges suspense A/c (HP) as on 31.03……….
SI.No Agreement No.
Name of Hirer
Balance outstanding as on 31.03…….
1 2 3 4 5 6 7
TOTAL
25
AS- 2C Schedule of discount from manufacturers/suppliers A/c (HP) as on 31.3………
SI.No Agreement No.
Name of Hirer
Date of collection
Paid/adjusted to HO during the year
Blance as on 31.03….
TOTAL
AS – 2D Schedule of NPA (HP General) as on 31.03…………..
SI No
Name of loanee
Loan amoun t
Princip al portion one instal ment amoun t/EMI
Total no.of instalment s remitted
Total princip al remitte d
Loan outstan ding as on 31.03.2 0…
Due date
Type of securit y
1 2 3 4 5 6 7 8 9 10 11 12
This list contains only those accounts where the instalments due as on 30.09…….. and before remained unpaid as on 31.03…… Similarly NPA schedule separately be prepared for all other loan schemes like EOHP, TFS, NFDL, RCL, HMS,NHFS, etc, in the above format (except NCL & GL for which there are separate forms)
AS -3 Schedule of Advance (EOHP) as on 31.03…. & Finance Charge for the year (Use the format of AS-2 with necessary changes)
AS- 3A Statement of FC due but outstanding upto six months – (EOHP) as on 31.03…. (Use the format of AS – 2A with necessary changes)
AS- 3B Schedule of NPA –EOHP as on 31.03…..
26
(Use the format of AS-2D with necessary changes)
AS- 04 Schedule of Advance (HMS) as on 31.03…….. & Finance Charges for the year (Use the format of AS- 2 with necessary changes)
AS -4A Statement of FC due outstanding upto six months (HMS) as on 31.03……. (Use the format of AS-2A with necessary changes)
AS- 4B Schedule of NPA –HMS as on 31.03…… (Use the format of AS-2D with necessary changes)
27
AS-5 Statement of Chitty/Pass book Loan and interest receivable as on 31.03…..
SI No .
A/c No.
Rate of interest
Repai d durin g the year
Balanc e as on 31.03 …
Interes t receiva ble as on 01.4…. .
For the year
Receiva ble as on 31.03 …
1 2 3 4 5 6 7 8 9 (6+7)-
(8)
)
13 14 (12- 13)
AS – 6 Statement of FD Loan & Interest Receivable as on 31.03….. (Use the format of AS-5 necessary changes)
AS -7 Statement of Gold Loan & Interest receivable as on 31.03……
S I N o .
Date of payme nt
Rate of intere st
Paid/ transferr ed from NPA during the ar
Repaid /transf erred to NPA during the year
Balanc e as on 31.03 …
Receiva ble as on 01.04 …
For the year
Collec ted/R everse d due to NPA
Rece ivabl e as on 31.0 3…
1 2 3 4 5 6 7 8 9 10 11 12 13 14
28
AS -7A Schedule of NPA – Gold Loan as on 31.03…..
SI No.
Interest paid up to
29
AS-8 Schedule of loanees (New Chitty Loan) as on 31.03……
Sl No Name of loanee Loan No
Balance as on 31.03..
(Volume No. & page No.)
Interest Amount
TOTAL
30
Column No.5C represents the simple interest accrued but not received (not exceeding 6 months) as on 31.03….
A journal entry may be passed for the total amount shown in column 5C debiting “Interest accrued on NCL” and crediting “Interest on NCL”. The above entry should be reversed in the next year and fresh provisions be made.
Please not that interest accrual need not be made here for old NCL accounts where interest is compounding and already accounted at the end of every month and their balance includes such interest.
AS-8A Scheduled of NPA-NCL & Interest Accrued but not received (exceeding 6 months) As on 31.03…..and details of chitty instalments remitted
31
(current year& NCL which has become NPA
during the year current year
NPA updated/
Date of interest last
remitted & Its due date
Interest debited and taken into account prior to 31st March Previous year (not being NPA during previous year) but not received upto 31st March current
year.
more than 6 months as on 31.03.. (current
year)
Type of security offered
Date of chitty instalment last remitted & its due date as on
31.03..
Due date
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
AS-9 Schedule of loanees (NFDL as on 31.03……) (Use the format of AS-2 with necessary changes)
AS-9A Statement of interest due but outstanding up to six months (NFDL) as on 31.03……. (Use the format of AS-2A with necessary changes)
AS-9B Schedule of NPA NFDL as on 31.03…….. (Use the format of AS-2D with necessary changes)
32
AS-10 Schedule of laonees –(NHFS) as on 31.03…… (Use the format of AS-2 with necessary changes)
AS-10B Schedule of NPA NHFS as on 31.03…. (Use the format of AS-2D with necessary changes)
AS-11 Statement of Pass Book Bridge Loan & interest receivable as on 31.03….. (Use the format of AS-5 with necessary changes)
AS-12 Schedule of Loanees (RCL) as on 31.03….. (Use the format of AS-2 with necessary changes)
AS-12A Statement of interest due but outstanding upto six months –(RCL) (Use the format of AS-2A with necessary changes)
AS-12B Schedule of NPA RCL as on 31.03…… (Use the format of AS-2D with necessary changes)
AS-13 Statement of loanee –(TFS) as on 31.03…. (Use the format of AS-2 with necessary changes)
AS-13A Statement of interest due but outstanding up to six months –TFS as on 31.03.. (Use the format of AS-2A with necessary changes)
AS-13B Schedule of NPA TFS as on 31.03….. (Use the format of AS-2D with necessary changes)
33
AS-14 Statement of Miscellaneous Income for the year……. Sl.No Particulars Amount
1 2 3
TOTAL
AS-15 Statement of Profit/Loss on sale of Asset for the year.
1 Name of asset 2 Original cost 3 Date of Purchase 4 Depreciation provided up to the date
of sale 5 Written down value (2-4) 6 Sale proceeds of Asset 7 Profit/Loss on sale of Asset
(difference between 5 and 6)
34
AS-16 Statement of staff Welfare expenses as on 31st March ……………. Sln o
Particulars Amount Total Name of employee Employee code Designation
1 Cost of uniform 2 Stitching charges 3. Chappal Allowance 4. Medical Reimbursement 5. Medical Allowance 6. Spectacle Allowance 7 Reimbursement of Stamp duty on
House loan to Company employees Grand Total
N.B From 01.06.2001 onwards, Reimbursement of Stamp duty on House Loan to Company Employees should be debited to “Staff Welfare Expense” in the concerned unit itself instead of debiting HOC a/c.
AS-17 Statement of Office Rent for the year…………
Name and address of payee
Period Rate per month Total amount
1 2 3 4
Total AS-18 Statement of Rates and Taxes for the year …………………
Sl No Particulars Amount 1 2 3
Total
35
AS-19 Statement of Legal and Professional charges for the year……
Sl No Name and address of the payee Amount Head office reference for payment 1 2 3
Total
36
AS 20 Details of advertisement charges for the year …… Sl no Particulars Amount
1 2 3
Total
Note: News paper-wise details of expenditure and other particulars such as bit notices expenses, etc., should be separately given.
AS –21 Statement of Agent’s Commission for the year ….
Sl no Name & Address of the agent
Commission payable as on 01.04….
For the year Paid during the year
Payable as on 31.03…
TOTAL AS-22 Details of Canvassing Expenses for the year...............
Date
Chitty No Amount Relevant H.O./R.O sanction/ Ractification order NO. & date.
1 2 3 4
TOTAL
37
AS-23 Statement of Deposit in Trust Accepted and Interest Payable. Sl No
Deposit No
Deposit accepted during the year
Deposits realised during the year
Deposits outstanding as on 31.03
..................
Interest on deposit for the year
TOTAL
Interest payable as on 31.03........ ....
1 2 3 4 5 6 7 8 9 10 11
TOTAL
AS-24: Statement of Fixed Deposit from Public & Interest payable as on.................... Fixed Deposit
Name of Depositors
Pa ya
bl e
as o
n 01
.0 4.
M at
ur ed
b ut
n ot
c la
im ed
O th
er s
1 2 3 4 5 6 7 8 9 10 11 12a 12b 12c 12a+12b
13 11+12c
14 15 16
AS-25 Statement of Office /Miscellaneous Expenses for the year. Sl.No Particulars Amount
1 2 3
TOTAL
Note: Under particulars , the total amount need be shown against appropriate heads of account (eg Freight and cooly, Tea& Coffee to customers, etc)
39
At the begining of the year
GROSS BLOCK DEPRECIATION NET BLOCK Tran- sfer (+/-)
Sub Total
Purc- hase
As at the begining of the year
Depn* Reserve of the Asset transferred (+/-)
Sub Total
For the year As at the end of the year
As at the end of the year
As at the end of the previous year
On the WDV of the asset sold
On the WDV of the remaining stock
Sub Total
5 6 7= (4+5)-6
8 9 10= (8+/-9)
11 12 13 14 (12+13)
15 (10+14)- (11+12)
16= (7-15)
17= (2-8)
Software
TOTAL
Note: 1. The transferring unit should not provide depreciation of the asset transferred for the year in which it is transferred. The receiving unit should provide depreciation (on the WDV) of the asset acquired by transfer for the year in which it is transferred.
2. If the cost of each individual item of asset purchased on or after 16.12.1993 is Rs. 5,000/- or less, the rate of depreciation if 100% 3. Rate of depreciation: furniture & Fixture – 18.10 %, Office equipments – 13.91 %, Electrical Fitting – 13.91 %, Cycle – 20 %, data processing
Equipments – 40 %, Motor Vehicle – 25.89 %, Software – 40 %. *4 Column Nos. 9&11 are meant for Depreciation Reserve as at the end of the previous year in respect of the asset transferred and sold respectively. 5 Item wise (with no. of pieces) Worksheet (fair copy) should be appended.
AS-27 Statement of Fixed Assets purchased during the year.
40
1 2 3 4
TOTAL
Details of asset* acquired/* disposed by transfer from/to other units during the year Sl.No. Name of unit from / to
transfer effected Name of item transferred Original cost Depreciation reserve written down
value 1 2 3 4 5 6
AS-28 Details of General Suspense/Collection without details as on 31.03................
Date Chalan/other receipt particulars
Name of person / Bank Amount Date of subsequent adjustment of appropriate head of account
1 2 3 4 5
Total
41
AS-29 Statement of Outstanding Liability for expenses for the year
AS-30 Prize- money payable as on 31.03................. Sl. No
Chitty No Chittal
payment
Balance
payable
payment 1 2 3 4 5 6 7 8(6-7) 9
TOTAL
AS- 31 Statement of removed Subscribers contribution payable as on 31.03............. Sl. No
Chitty No Chittal No Name of Subscriber
Amount payable
Advance payment
1 2 3 4 5 6 7(5-6) 8
TOTAL AS- 32 Details of Bonus payable as on 31.03.......
Sl.No Particular Amount Details of subsequent payment
1 2 3 4
TOTAL
42
AS-33 Details of AS-33 AS-33 Details of undistributed salary payable as on 31.03................
Sl. No
1 2 3 4 5 6
TOTAL
AS-34 Statement of valuation fee payable as on 31.03............. Sl. No
Date of receipt Chitty No Chittal No Name of Advocate Amount
1 2 3 4 5 6
Sl.No Name of employee with code Year Amount Reason for non-payment.
1 2 3 4 5
TOTAL
43
AS-35 Statement of auction security deposit as on 31.03........ Sl.No Chitty No Chittal No Name of Subscriber Date of deposit Amount
1 2 3 4 5 6
44
AS-36 Statement of Fixed Deposit with Treasuries and Interest accrued thereon as on31.03........
Sl. No
FD No.
Total Received during
Chitty No.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Note : Ensure that no tax is deducted from interest due to KSFE being a Govt. company. Incase tax is deducted, the tax deduction certificate in the prescribed from as per income tax act should be obtained from treasury and forwarded to H.O. AS-36A Statement of FD with Treasury other than chitty Security Deposit and Interest accrued thereon as on 31.03......... (use the format on AS-36 with necessary changes ) AS-37 Statement of FD with Banks and Interest Accured thereon as on 31-03-............. (use the format of AS-36 with necessary changes)
AS-38 Statement of Piricheduppu Account and Dividend Income for the year.........................
Sl. No
Chitty No
Period (Months)
Subscription Amount
started during the year
1 2 3 4 5 6 7 8(5+6)- 7
9 10
45
AS-39 Statement of Profit / loss on chitty tickets substituted by the company as on 31.03.......... Sl. No
Chitt y
original subscriber
Amount remitted
due
Balance under foreman's substituted ticket (10-7)
1 2 3 4 5 6 7 8 9 10 11 12 Dr. Cr
AS-40 Statement of stock of stationary as on 31.03.................. Sl.No Name of article From Ref. No Quantity in unit Unit value Amount
1 2 3 4 5 6
46
AS-41 Statement of chitty-wise summary of non-prized and prized default as on 31.03............... Sl.No Chitty No. Prized Default Non Prized Default Total Default
1 2 3 4 5
AS-42 Statement Classification of Chitty Advances as on 31st March............................... 1. Advances considered good for which the company is fully secured : 2. Advances considered good for which holds no security other than personal security : 3. Advances considered Doubtful : Total
Note : Detailed working of the secured advance should be kept ready for the verification of statutory auditors. AS-43 Statement of Travel Advance to staff as on 31st March.......................
Sl.No Date of advance Name of Employee Code Amount Purpose Date of subsequent settlement/ action taken for settlement.
1 2 3 4 5 6 7
TOTAL
47
AS-44 Statement of Prepaid Expenses as on 31st March..................... Sl.No Particulars Amount Payment voucher No. & Date
1 2 3 4
AS-45 Schedule of deposit-wise details of collection under Social Security Scheme as on 31st March.............. (a) MONTHLY DEPOSIT
Sl. No
Total amount remitted as at the end
of the year
the year
Total
(b) LUMPSUM DEPOSIT Sl.No Name of Deposit Deposit No. Amount of Deposit
1 2 3 4
Total
48
Note : These schedules should be prepared with reference to the entries in the Cardex card and MIRL or Lump sum Deposit register . The total of Monthly Deposit, Lump sum Deposit and penalty should tally with amounts shown under the respective heads in the general ledger. Total of all these accounts together with admission fee of that year, if any should tally with the "SS Remittance Amount" in the General ledger.
AS-46 Statement of Social Security / Other Branch Collection as on 31st March..................... Sl.No Name of Branch Deposit No Amount
1 2 3 4
Total Note : As all other Branch collections are transferred on the same date to HO under debit to SS other Branch Remittance account the balance under these two hands (Collection & Remittance) should tally.
49
Rs Ps 1 2 3 4
Total
AS-48 Statement of Sugama Deposit for the year........... Sl.No Sugama
A/c No Name of depositor Folio No (Vol & Page No) Amount
Rs Ps 1 2 3 4 5
Total
AS-48A Statement of Non-operative Sugama A/ cs as on 31.03................... Sl. No
A/c No Name of Depositor Outstanding balance on 01.04.......
Deposit transferred to NOSA during
the year
50
AS-49 Statement of Amount Payable to Subscribers in terminated Chitties as on 31.03............. Sl. No Chitty No. Chittal No Name of Subscriber Amount
Rs Ps
Total
51
AS-50 Statement of Revised Bhadratha Deposit as on 31.03....................... Sl.No A/c No Date of Deposit Name of Depositor Amount of Deposit Interest accrued as on 31.03.... Remarks
1 2 3 4 5 6 7
AS-51 Schedule of insurance Proposal as on 31.03............................ Sl.No Date Name of Hirer / Loanee HP/ CVL Agt No Outstanding Balance
1 2 3 4 5
AS-52 Schedule of Insurance Renewal as on 31.03................ (use the format of AS-51 with necessary changes)
AS-53 Schedule of initial Hire (HP) as on 31.03.................... (use the format of AS-51 with necessary changes)
AS-54 Schedule of Initial Hire (EOHP) S on 31.03............... (use the format of AS-51 with necessary changes)
AS-55 Statement of amount Recoverable from Employees and other Institution as on 31.03.................. (use the format of AS-43 with necessary changes)
AS-56 Statement of Recovery from employees and other institution as on 31.03..................
52
(use the format of AS-43 with necessary changes)
AS-57 Statement of Canvassing Advance as on 31.03............ (use the format of AS-43 with necessary changes)
53
AS-58 Statement of Agency Security Deposit and interest payable as on 31.03.......................
Sl. No
Paid during the year
Balance as on 31.03.....
1 2 3 4 5 6 7 8 9 10 11
AS-59 Statement of Earned Leave as on 31.03................ Sl.No Name of Employee Code Designation E.L at credit as
on 1.04....... Accrued during
1 2 3 4 5 6 7 8 9
54
AS-60 Statement of unpresented Cheques as on 31.03.................. Date Name of Bank & Cheque No Particulars Amount Remarks
1 2 3 4 5
AS-61 Statement of Prior Period income for the year...................... Sl.No Particulars Year in which income related Amount Remarks/Reasons
1 2 3 4 5
AS-61A Statement of Prior Period Expenditure for the year................................ (use the format AS-61 with necessary changes)
55
AS-62 Statement of Fixed Deposit matured but not claimed beyond 5 years as on 31.03........................ Sl. No
Name &Address of the depositor
FD No Date of deposit
Date of maturity
Amount of deposit
Rate of interest
Remarks (credit note
No. etc) 1 2 3 4 5 6 7 8 9 10
AS-63 Statement of advance (C.V.L) as on 31.03.............& interest for the year. (use the format of AS-2 with necessary changes)
AS-63A Statement of interest due but outstanding up to 6 months (C.V.L) as on 31.03.... (use the format of AS-2A with necessary changes)
AS-63B Schedule of Interest Suspense A/c (CVL) as on 31.03.......(use the format of AS-2 B with necessary changes)
AS-63C Schedule of NPA/(C.V.L) as on 31.03......... (use the format of AS-2D with necessary changes) AS-63D Schedule of Margin Money (CVL) as on 31.03............ (use the format of AS-2 with necessary changes)
AS-64 Statement of other interest payments
Sl.No Particulars Amount
TOTAL
56
Note : OD interest on Flexy Deposit, Interest paid for belated payment of prize money, interest paid to newly controlled subscribers for delay in registering the Chitty etc. may be included.
AS-65 Statement of flexy Deposit & Interest accured and receivable as on 31.03............................... Name of Bank Date of
Deposit Rate of Interest
Interest for the Year
1 2 3 4 5 6 7 8 9
AS-66 to AS-72 please refer the concerned circulars.
57