MIS Reports:
1) Matched/Unmatched IORs
2) Matched/Unmatched IOGs
3) Matched/Unmatched IOCPFs
4) IORs sent by Head Office
5) Accounts Head Balances
6) Cash Balances
7) View Vouchers
8) Stock Ledger Summary
9) MLS wise Stock Ledger Summary
10) District Stock Summary (OB & CB)
11) RO/Truck Chit Movement Details
12) Report on VAT
13) Trial Balance
14) Grouping of Accounts
15) Profit & Loss Accounts / Balance Sheet
16) Schedules
7. ACCOUNTING POLICIES
a) Accounting Policies:
1. FIXED ASSETS:
a. Fixed Assets of the Corporation are sown at acquisition cost less depreciation.
b. Government grants received against specific assets are reduced from the cost of such fixed assets.
c. Depreciation on fixed assets is provided for on written-down value method at the rates prescribed under Schedule XIV of the Companies Act, 1956 as amended from time to time.
2. STOCK IN TRADE:
a. Stock-in-trade is accounted on the basis of closing stock certificates where 100% weighment is made; otherwise book balances are adopted, as certified by the respective custodians.
b. Where the stocks are held by State Warehousing Corporation / Central Warehousing Corporation the stocks are accounted on the basis of the certificates issued by the SWC / CWC authorities.
c. Stock-in-trade is valued at purchase cost, freight, and handling etc., incurred from the place of obtaining to storage point as per the Accounting Standard-2 or market value / net realizable value (which includes subsidy in case of rice) whichever is less as is being followed consistently. The Corporation is following FIFO method for valuation of inventories. The closing stock of redgram dall valued at average cost of converted dall supplied by various millers against redgram obtained from 4 nodel points at applicable conversion rate as the different varieties of gram supplied to millers at different places hence the rate is not ascertainable. Others are valued at cost.
d. The Corporation is following the same norms for storage losses as prescribed by the SWC. Storage losses beyond permissible limits are recoverable from the custodians.
e. The stocks are physically verified every month as well as at the end of the financial year by the authorized officers of the Company.
3. SUNDRY DEBTORS:
Pending claims against the employees, Stockist and Transport Contractors towards shortages of stocks / sale proceeds if any are included in Sundry Debtors.
4. PRICE EQUALISATION FUND:
a. PRICE EQUALISATION FUND ON SUGAR: The Price Equalization Fund on Levy Sugar represents balance either payable to or receivable from FCI (after adjusting the cost of sugar, commission and trading expenses from gross sale proceeds).
b. PRICE EQUALISATION FUND ON PALMOLEIN OIL: The Price Equalization Fund on Palmolein Oil is the balance amount after adjusting the purchase cost of oil, transport charges, service charges and margin to Civil Supplies Corporation against the gross sale proceeds either payable to / receivable from Government of Andhra Pradesh as per the price structure fixed by the Government.
c. PRICE EQUALISATION FUND ON KEROSENE: The Price Equalization Fund on kerosene is to maintain uniform rate of supply of kerosene to the consumers. The balance on hand represents either payable to or receivable from Government of Andhra Pradesh.
5. PROVISION:
a. BAD & DOUBTFUL DEBTS: Provision for bad and doubtful debts is made after assessment of the prospects of realization / recovery.
6. RETIREMENT BENEFITS:
Provision towards gratuity and earned leave liability is made on an accrual basis.
7. REVENUE RECOGNITION:
All income and expenditure are accounted on accrual basis except otherwise stated.
8. SALES:
Sales of commodities are booked on the basis of actual delivery from the Corporation’s storage points. Sales are shown net of VAT.
9. While calculating subsidy receivable from the Government.
a. Storage, freight and handling charges are apportioned on the basis of quantity.
b. Administrative expenses are apportioned on the basis of net trading quantity.
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