Annual Report 2013-2014 - The ICAI

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ANNUAL REPORT
2013-2014
RANCHI BRANCH OF CIRC
The Institute of Chartered Accountants of India
RANCHI BRANCH OF CIRC OF ICAI
RANCHI BRANCH
OF
CENTRAL INDIA REGIONAL COUNCIL
OF
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the Twenty Seventh Annual General Meeting of the Ranchi Branch of Central
India Regional Council of The Institute of Chartered Accountants of India shall be held on 07th July, 2014 at
ICAI BHAWAN, Dr. Mukti Saran Lane, H. B. Road, Ranchi at 11.30 A. M. to transact the following
business:
1.
To receive the Annual Report of the Branch for the year ended on 31st March, 2014.
2.
To receive the Audited Statement of Accounts for the year ended on 31st March, 2014 together with
the Auditors’ Report thereon.
3.
To transact such other business as may be brought before the meeting with the permission of the
Chairman.
Note: If within half an hour from the time mentioned in this notice a quorum of the members is not present,
the meeting shall be adjourned to 14th July, 2014 at the same time and place. At the adjourned
meeting, the members present, whatsoever be the number, shall have the power to transact all
business which could properly be transacted by the meeting originally convened had the necessary
quorum been present thereat.
For and on behalf of Managing Committee
(CA. Dharmendra Kumar Sinha)
Secretary
Place: Ranchi
Date: 23rd June, 2014
Note: Fellowship with Lunch.
Annual Report 2013-2014
RANCHI BRANCH OF CIRC OF ICAI
27th ANNUAL REPORT 2013-2014
Respected Members,
The Managing Committee is pleased to present the Twenty Seventh Annual Report of the Ranchi Branch of
Central India Regional Council of The Institute of Chartered Accountants of India, together with the Audited
st
Accounts for the year ended on 31 March, 2014. We are also pleased to inform you that CIRC awarded
CICASA Highly Commendable Branch Award for the year 2013 on consideration of activities of Ranchi
Branch.
MANAGING COMMITTEE
th
During the year under review, branch Managing Committee election was held on 4 March, 2014 and
accordingly the following Office Bearers for the year 2014-2015 were elected:1.
CA. Uday Jayaswal
Chairman
2.
CA. Jai Bhagwan Agarwala
Vice-Chairman
3.
CA. Dharmendra Kumar Sinha
Secretary
4.
CA. Vikash Kumar Poddar
Treasurer
5.
CA. Mahendar Kumar Jain
Member
6.
CA. Manish Jain
Member
7.
CA. Sanjeet Kr. Srivastava
Member
8.
CA. Vinay Goenka
Member
The new committee took charge on 4th March, 2014. CIRC has nominated CA. Avichal Somnath Kapur as
Ex-Officio Member for the year 2014-15.
The Managing Committee considers it a privilege to express sincere thanks and appreciation to the Branch
Managing Committee Members and the Sub-Committee Members of 2013-14. We are also thankful to all the
Members and Students for their active support in successful implementation of all events organised by the
Branch.
SUB-COMMITTEES
As per the guidelines of The Institute and for the smooth functioning of the Branch, the following SubCommittees were formed:
CPE Sub-Committee
Member in Industry
CA. Mahendar Kr. Jain
CA. Vinay Goenka
CA. Jai Bhagwan Agarwala
CA. Manish Jain
CA. A. S. Kapur
CA. Dhananjay Kumar
CA. Md. Muzaffar Iqbal
CA. Rishab Jain
Chairman
Member
Member
Member
Member
Member
Member
Member
ITT & Website
CA. Jai Bhagwan Agarwala
CA. Manish Jain
CA. Sanjeet Kr. Srivastava
CA. Vikash Kr. Poddar
CA. Vinay Goenka
CA. Binod Kr. Pandey
CA. Sanjeev Prasad
Chairman
Member
Member
Member
Member
Member
Member
Taxation
CA. Sanjeet Kr. Srivastava
CA. Jai Bhagwan Agarwala
CA. Vikash Kr. Poddar
CA. Bikash Kr. Mishra
CA. Jigyasha Sharma
Chairman
Member
Member
Member
Member
CA. Vinay Goenka
Member
CA. Vinay Goenka
CA. Sanjeet Kr. Srivastava
CA. Aditya Shah
CA. Prabh Dayal Singh
Chairman
Member
Member
Member
Annual Report 2013-2014
RANCHI BRANCH OF CIRC OF ICAI
Newsletter
CA. Vinay Goenka
CA. Mahendar Kr. Jain
CA. Vikash Kr. Poddar
CA. Dimple Chawla
Students
Chairman
Member
Member
Member
CA. Manish Jain
Chairman
CA. Mahendra Kr.Jain Member
CA. Rishab Jain
Member
Library
CA. Vikash Kr. Poddar Chairman
CA. Ashish Sharma
Member
Chairman and Secretary of the Branch shall be Ex-officio Members in all the above Sub-Committee.
COMMITTEE MEETINGS
To plan the activities of the Branch, the Managing Committee meets from time to time. From 1s t April 2013,
the Managing Committee held 10 meetings up to 31.03.2014. The table below gives the details of
Attendance of each Managing Committee Members:
Meeting of Managing Committee (2013-2014):
Name
Total No. of Managing No. of Meeting Attended
Committee Meeting
CA. Sanjeet Kr., Srivastava
10
10
CA. Jai Bhagawan Agarwala
10
10
CA. Mahendar Kr. Jain
10
9
CA. Vikash Kr. Poddar
10
9
CA. Dharmendra Kr. Sinha
10
9
CA. Manish Jain
10
9
CA. Uday Jayaswal
10
10
CA. Vinay Goenka
10
7
CA. Vijay Garg
10
0
Ex-Officio (2013-14)
GRANT FROM THE INSTITUTE
(A) Capital Grant- Out of Capital Grant of Rs. 128500/- for the year 2013-14 Branch had purchased
Computer and Refrigerator of worth Rs. 49050. Branch had reviewed its requirement of capital items
and a letter has been placed for approval of the same. Approval since awaited.
(B) Recurring Capital Grant- Out of Recurring Capital Grant of Rs. 30000/- for the year 2013-14
Branch had fully utilised the same.
(C) Recurring Library Grant – Out of Recurring Library Grant of Rs. 30000/- for the year 2013-14
Branch has purchased Web Portal and Books worth Rs. 6000/-. Balance amount is likely to be
utilized by 30th June 2014.
(D) Revenue Grant & Membership Grant – Received Revenue & Membership Grant of Rs.265000/for the year 2013-14 as per the branch entitlement.
Annual Report 2013-2014
RANCHI BRANCH OF CIRC OF ICAI
Members Directory
It is worth mentioning that the revised and updated edition of the Members Directory 2014 was published in
February 2014. The last publication was in the year 2010.
SEMINARS, CONFERENCES & CPE PROGRAMMES:
During the period under consideration following seminars/Conferences were organised by the Branch as
detailed below:
A. Seminar/Conference/ Half Day Seminar
Sl.
Date
Topic/s
Guest/Speaker
01
30.04.2013
Seminar on Soft Skills & Professional Ethics
02
19.06.2013
Seminar on Service Tax :
a. Reverse Charge Mechanism
b. VCES
c. Important Provisions
03
31.08.2013
Seminar on Tax Audit & Service Tax
04
27.10.2013
05
28.11.2013
06
30.11.2013
Seminar on : (Organised by CCBCAF & SMPs
of ICAI)
1. Companies Act – 2013
2. Service Tax
3. Direct Tax
Seminar on Soft Skills & Personality
Development
Seminar on
1. Companies Act – 2013
2. Service Tax – Important Issues
CA. M. S. Kushwah, C.C.M. of ICAI
CA. C. S. J. Nanda, C.C.M. of ICAI
Sri Amitabh Choudhary, President,
JCA
Sri T. K. Nag, Director (T), CCL
CA. Madhukar N. Hiregange, FCA,
Bangalore
CA. Shivani Agarwal, FCA, Kolkata
Md. Faizul Haque, A.C., Central
Excise & Service Tax, Ranchi
CA. Deepak Garodia. FCA
Sri Subodh Kant Sahay, MP, Ranchi
CA. S. L. Agarwal, C.C.M. of ICAI
CA. Tarun Agarwal, FCA, Jaipur
CA. Pulak Saha, FCA, Kolkata
07
22.12.2013
Seminar on:
1. Service Tax
2. Direct Tax
08
17.04.2014
09
26.01.2014
Seminar on: (CIRC Sub-Regional Conference)
1. Direct Tax
2. Service Tax
3. Corporate Laws
Seminar on Investor Awareness
10
16.03.2014
Seminar on
1. Direct Tax
2. Bank Branch Audit
CA. Vinod Agarwal, FCA, Kolkata
CPE
Hrs
4
6
3
6
2
Sri N. N. Sinha, Principal Secretary,
6
IT Department, Govt of Jharkhand
CS. Deepak Khaitan, FCS, Kolkata
CA. A. K. Agarwal, FCA, Kolkata
Mrs. Asha Sinha, Director General & 6
Commandant General, Home Guard &
Fire Service, Govt of Jharkhand
CA. M. S. Kushwah, C.C.M. of ICAI
CA. Dr. Girish Ahuja, FCA, New Delhi
CA. V. Raghuraman, Bangalore
CA. Manu Agarwal, FCA, Kanpur
3
CA. M. Borad, Secretary – CIRC
CA. Piyush Agarwal, Member - CIRC
Mr. Harish Dayani, Kolkata,
Mr. Manoj Gupta, Ranchi
CA. M. S. Kushwah, C.C.M. of ICAI
CA. Dr. Girish Ahuja, New Delhi
CA. Ajoy Chhabra, FCA
2
6
B. Teleconferences
Sl.
01
02
03
Date
05.04.2013
17.04.2013
26.04.2013
Topics Discussed
FEMA & Revised Schedule VI
Redefining the role of CAs to become a global Solution provider
Taxation of charitable trust in NGO & NPO & Practical aspects of ……
CPE
Hrs.
2
2
2
Annual Report 2013-2014
RANCHI BRANCH OF CIRC OF ICAI
04
05
06
07
03.05.2013
17.05.2013
29.05.2013
07.06.2013
08
09
10
11
12
26.06.2013
05.07.2013
16.07.2013
24.07.2013
02.08.2013
13
14
15
14.08.2013
23.08.2013
03.09.2013
16
17
20.09.2013
25.09.2013
18
19
20
04.10.2013
18.10.2013
30.10.2013
21
22
12.11.2013
22.11.2013
23
24
25
26
27
28
29
30
31
32
33
34
35
28.11.2013
06.12.2013
17.12.2013
24.12.2013
03.01.2014
17.01.2014
06.02.2014
08.02.2014
17.02.2014
26.02.2014
06.03.2014
14.03.2014
28.03.2014
C.
Sl.
01
01
02
03
04
05
06
Companies Bill & Society ‘s expectation from Auditors
Role of Internal Auditor in Corporate Compliance & Peer Review
CA-Detection of Frauds & Forensic Audit
E-filing of Tax Audit Report etc. & Changes in New Statements, TDS
Certificates, ITRs
Service Tax – Important amendments in examination and other issues
Overview of Domestic Transfer pricing provision & issues of taxation prospects
Practical Aspects in CENVAT Credit & Amnesty Scheme
Works Contract & TDS on transfer of immovable property under section 194 IA
Valuation of Investment by Banks vis a vis Income Tax & IRAC norms for
Banks
Recent issues in real estate transactions
Overview of Corporate Social Responsibility
FCRA, Tax Assessment of Charitable Trust & Tax Exemption of NPOs/
Registration …
Recent Judgments & Direct Taxes
Recent Issues in Direct Taxes & Issues in Real Estate Transactions & Capital
Gain
Understanding Domestic Transfer Pricing
Concurrent Bank Audit Planning & Case Studies & Stock & Receivable Audit
Business process re-engineering – Reconstructing process initio & Computation
..
Significance of Peer review
“Accounting for Embedded Derivatives & Personality” - the ultimate tool of
success
Standards of Auditing - 700,705 &706
Companies Act – 2013
Forensic Audit
Taxability of Collaboration & Joint Development Agreement in Real Estate …..
TDS on payment of Non-Residence
Code of Ethics – Practical Issues
Overview of Search, Seizure & Survey
Appeal before CIT …..
Live Telecast of Union Budget – 2014
BITCOIN – Emerging Crypto Currency ….
Practical Issues in Foreign Contribution ….
Bank Branch Audit
Preparation of Project report & Documentation …
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
-2
2
2
2
Others Activities
Date
Activities/Particulars
02.06.2013 Member’s Cricket Match
01.07.2013 CA. Day Celebration:
a. Flag Hoisting Programme
b. Blood Donation Camp
c. Fellowship of Senior Members
d. Gazal Sandhya with dinner & Get together of I.T. Officials
14.07.2013 Members Indoor Game Competition
15.08.2013 Independence Day Flag Hoisting
12.01.2014 Member’s Family PICNIC – 2014
26.01.2014
15.03.2014
Republic Day Flag Hoisting
Members Holi Meet cum Hasya Kavi Sammelan
Annual Report 2013-2014
RANCHI BRANCH OF CIRC OF ICAI
ITT CENTRE
In the last financial year we have trained 406 students.
ORIENATION PROGRAMME FOR IPCC/ATC STUDENTS
Our Branch has been conducting the Orientation Programme for IPCC/ATC Students. During the period, our
Branch has successfully conducted Six batches of Orientation Programme for IPCC/ATC Students during the
year as under:01
02
03
04
05
06
07
08
Batch No.
Batch No.
Batch No.
Batch No.
Batch No.
Batch No.
Batch No.
Batch No.
25
26
27
28
29
30
31
32
27.05.2013 to 01.06.2013
24.06.2013 to 29.06.2013
08.07.2013 to 14.07.2013
15.07.2013 to 20.07.2013
12.08.2013 to 19.08.2013
12.12.2013 to 18.12.2013
09.01.2014 to 15.01.2014
30.01.2014 to 05.02.2014
GENERAL MANAGEMENT & COMMUNICATIONS SKILLS COURSE
Our Branch has been conducting the Course on General Management and Communication Skills. During the
period, our Branch has successfully conducted One batch as detailed hereunder:01
Batch No. 26
23.07.2013 to 09.08.2013
Our Branch has been also conducting the Course on General management & Communication Skills – I.
During the period, our Branch has successfully conducted Five batches as details hereunder:
01
02
03
04
05
Batch No.
Batch No.
Batch No.
Batch No.
Batch No.
01
02
03
04
05
04.06.2013 to 20.06.2013
03.10.2013 to 22.10.2013
26.11.2013 to 11.12.2013
19.12.2013 to 04.01.2014
12.02.2014 to 28.02.2014
The course organized by our Branch had an overwhelming response and was well appreciated. Students from
across the country attended the course.
Certificate Course on Concurrent Audit of Banks
We are pleased to inform you that Certificate Course in Concurrent Audit of Bank was held at Ranchi from
th
th
10 May 2013 to 19 May 2013. Total 50 Members attended the classes.
STUDENTS
As on 31st March 2014 the strength of Students of Ranchi Branch was as under:
1) CPT Course - 1093
2) IPCC Course - 1661
3) Final Course – 864
Total - 3618
Annual Report 2013-2014
RANCHI BRANCH OF CIRC OF ICAI
STUDENTS ACTIVITIES
Ranchi Branch of Central India CA Students Association (CICASA) is actively conducting various
programme for CA Students. During the period under consideration following activities were organised by
the Branch as detailed below:
A. Details of CA Students Seminar/Conference/Workshop etc:
Sl.
01
Particulars
Mock Test for May – 2013 Examination
02
03
Date
15.04.2013 to
12.04.2013
02.06.2013
15.08.2013
04
05
01.12.2013
29.12.2013
Mock Test for CA-CPT December 2013 Examination
Seminar on
1. Soft Skills – Way of success life
2. Companies Act – 2013
3. Service Tax
Sl.
01
02
03
04
05
06
Faculty/Guest
Mock Test for CA-CPT June 2013 Examination
Seminar on Tax Audit
CA. R. K. Kaushal, FCA
CA. P. S. Pual, FCA
Sri Suresh Paswan, Cabinet
Minister, Govt. of
Jharkhand
Capt.(Rtd) P. K. Singh,
Varanasi
CA. Sanjay Mundra, FCA
Kolkata
CA. Siddharth Agarwal,
FCA, Kolkata
B. Other CA Students Activities:
Date
Particulars
25th & 26 th may Career Boutique organised by BOS of ICAI
2013
28.06.2013 to CA Students Study Tour to Puri & Bhubneswar
01.07.2013
14.07.2013
CA Students Sports Festival
29.12.2013
CA Students Cultural Evening
26.01.2014
16.03.2014
CA Students Foundation Cup Football Tournament
CA Students Holi Meet
OTHER ACTIVITIES
In addition to activities as stated above the Branch also conducted various other activities during the year.
Some of them are:
1.
2.
Flag Hoisting Programme on the occasion of Chartered Accountant’s Day on 1st July 2013,
Independence Day 15th August 2013 and Republic Day 26 th January 2014.
The then Branch Chairman CA. Sanjeet Kr. Srivastava, then Branch Secretary CA. Mahendar Kr.
Jain, The Then CICASA Chairman CA. Dharmendra Kr. Sinha, Vice Chairman CA. J. B. Agarwala
and CA. Uday Jayaswal attended CIRC Annual Function cum Award Ceremony held at Kanpur on
25 th February 2014.
ACKNOWLEDGEMENTS
The Managing Committee is pleased to record deep appreciation for the support and services rendered by
various persons, organisations and institutions;
Annual Report 2013-2014
-
RANCHI BRANCH OF CIRC OF ICAI
The President, Vice-President, Past President of ICAI and the Chairman, Vice – Chairman, Secretary
and other Central and Regional Council Members.
Speakers, Co-ordinators of various Programmes.
Statutory Auditors M/s. Arvind Saxena & Co.
All the sponsors for sponsoring the Programmes/activities.
Our Bankers Indian Overseas Bank & Corporation Bank.
Every Member and Student of the Branch for their unstinting support in the various activities of the
Branch directly or indirectly.
Members of Press and Media, who have given adequate coverage of the programmes conducted
throughout the year.
Staff members of Branch Office for their sincere and dedicated efforts in the overall administration of
the Branch affairs.
For and on behalf of Managing Committee
Place: Ranchi
Date:23rd June, 2014
(CA. Dharmendra Kr. Sinha)
Secretary
Annual Report 2013-2014
INDEPENDENT AUDITOR’S REPORT
To,
The Member’s of Ranchi Branch of CIRC of ICAI,
Ranchi
1. Report on Financial Statements
We have audited the accompanying financial statements of Ranchi branch of CIRC of The Institute of
Chartered Accountants of India, Ranchi (“The Branch”) which comprise the Balance Sheet as at March 31,
2014 and the Income & Expenditure Account for the year then ended, and a summary of significant
accounting policies and other explanatory information.
2. Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give a true and fair view
of the financial position and financial performance of the Branch in accordance with the applicable
Accounting Standards issued by the Institute of Chartered Accountants of India. This responsibility
includes the design, implementation and maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true ad fair view and are free from material
misstatement, whether due to fraud or error.
3. Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with the standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the Institute’s
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.
H. O. : 1st Floor, Pratap Bhawan, 27/6 raja Ram Mohan Rai Marg, Lucknow - 226001
4. Opinion
In our opinion and to the best of our information and according to the explanations given to us, the said
statement of accounts read together with the schedules attached and read with the observations in
annexure “I” attached to the Auditor’s Report and read with the Accounting policies and Notes thereon
give a true and fair view in conformity with the Accounting Principles generally accepted in India:i.
ii.
In the case of the Balance Sheet, of the state of affairs of the Branch as at 31st March 2014
In the case of the Income & Expenditure Account of the excess of Income over Expenditure of the
Branch for the year ended on that date.
5. Report on Other Legal and Regulatory requirements
We report that:
i.
We have obtained all the information and explanations which to the best of or knowledge and
belief were necessary for the purpose of the audit.
ii.
In our opinion proper books of account have been kept by the Branch so for as appears from our
examination of the books.
iii.
The Balance Sheet and Income and Expenditure Account dealt with by this report are in agreement
with the books of accounts maintained.
iv.
In our opinion the Balance Sheet and Income and Expenditure Account comply with relevant
Accounting Standards.
Place: Ranchi
Date: 30.04.2014
For Arvind Saxena & Co.
Chartered Accountants
(CA. Raj Kumar)
Partner
M. N. 407573
FRN: 013525C
H. O. : 1st Floor, Pratap Bhawan, 27/6 raja Ram Mohan Rai Marg, Lucknow - 226001
ANNEXURE”I” OF THE AUDITOR’S REPORT
1) The Collections made by the Branch are recorded correctly in the Books of Accounts maintained by the
Branch.
2) All formalities, related to Statutory Compliances have been properly complied with.
3) All bank accounts have been properly reconciled.
4) The Branch does not maintain petty cash book. All payment towards expenditure is supported by
vouchers.
5) Capital items purchased are out of Capital Grant released to the Branch as well as out of Branch’s own
accumulated funds.
6) The Capital grant account and all Inter-Unit Balance with Regional Council and Central Council Office are
neither reconciled nor the balance confirmation has been received.
7) The Stock – register of Publications stocks is properly maintained and physical verification is carried out.
8) The System and procedures followed for purchases are sound.
9) The Expenditure towards Seminar and Conference are properly accounted for and met out of the source
generated by way of participation fees/ sponsorships.
10) The receipt and payment on account of I.T.T. Centre, Orientation Programme, GMCS Classes are properly
accounted for.
11) I.T.T. Centre Accounts have been incorporated in the Books of Accounts as per Guidelines.
12) The Budgetary control system is exercised in branch for capital expenditure.
13) Staff payments have been made according to decision of the Managing Committee of the Branch.
14) The Branch has kept proper inventories of Publication received from Central Office from time to time and
the publication accounts along with sale proceeds and stock statement are sent to head office on half
yearly basis. Remittance of sales proceeds of publication of all four quarters sent to Head Office in the last
quarter of this financial year.
15) Proper records have been kept for issue of study materials, suggested answers, revision test papers etc.
sent by Head Office.
16) The expenditure on postage, freight and rent has been properly accounted for.
17) No areas of weak control have been observed.
18) The prescribed rate of depreciation as suggested in “Accounting Manual for Branches of Regional
Councils” of Institute has been followed while charging depreciation on fixed assets of the branch.
19) All the revenue grants received and receivable as per the entitlement of the branch are duly accounted
for in the books of accounts of the branch.
For Arvind Saxena & Co.
Place: Ranchi
Chartered Accountants
Date: 30.04.2014
(CA. Raj Kumar)
Partner
M. N. 407573
FRN: 013525C
H. O. : 1st Floor, Pratap Bhawan, 27/6 raja Ram Mohan Rai Marg, Lucknow - 226001
RANCHI BRANCH OF CIRC OF ICAI
INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31.03.2014
Current Year
Particulars
Sch
31.03.2014
Amount(Rs)
Sl.
No.
A INCOME
1 GRANTS RECEIVED BY BRANCH
a. Revenue Grant
b. Membership Fee Grant
2
3
4
5
6
7
8
9
10
B
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
c. Statutory Audit Fee Grant
CICASA Income
Receipts from Seminars/Conferences
Commission on Sale of Publications
Fee from G. M. & C. S. Classes
Fee from Orientation Programme
Fee from ITT Course
Interest on Investments & Saving Bank Accounts
Other Income
Prior Period Income
TOTAL
EXPENDITURE
Salaries, Bonus to Staffs
Printing ,Stationery & Photocopying
Postage, Telegram & Telephone
Rent, Rates & Taxes
Repairs & Maintenance
ITT Course Expenses
Travelling Expenses - Members
Conveyance - Staff
Magazines & Periodicals
Electricity Expenses
Seminar/ Conference Expenses
CICASA Activities Expenses
Professional Fees-Statutory Audit Fees
Other Expenses
Orientation Programme Expenses
G. M. & C. S. Expenses
Chartered Accountants Day Celebration Expenses
Building Maintenance Expenses
Less : Transfer to Building Maintenance Fund
Q
R
S
T
U
V
167,458.00
167,458.00
19 Prior Period Adjustments: a) HO Share of ITT Transfer to HO
b) S.T. on Audit fees for the year 2012-13
c) Loss on Removed Fixed Assets
20 Depreciation
TOTAL
Surplus during the year
E1
Previous Year
31.03.2013
Amount(Rs)
200,000.00
65,000.00
12,000.00
534,152.00
914,000.00
93,368.00
1,322,000.00
1,128,000.00
1,624,000.00
798,703.00
3,400.00
NIL
6,694,623.00
200,000.00
54,900.00
7,500.00
542,511.00
594,800.00
92,962.00
552,000.00
1,026,000.00
1,452,000.00
557,160.00
4,536.00
NIL
5,084,369.00
210,319.00
24,400.00
13,254.00
NIL
38,400.00
1,031,739.00
59,736.00
8,430.00
1,155.00
69,048.00
449,408.00
450,816.00
13,483.00
110,921.50
354,563.00
689,323.00
39,302.00
166,652.00
34,412.00
9,371.00
NIL
29,334.00
970,579.00
50,220.00
8,330.00
1,055.00
65,029.00
322,697.00
574,039.00
7,500.00
328,452.00
311,414.00
340,951.00
2,924.00
NIL
NIL
931,200.00
927.00
1,878.00
544,982.00
5,043,284.50
1,651,338.50
22,751.00
NIL
NIL
596,594.00
3,842,304.00
1,242,065.00
Appropriation to Funds/ Reserves:
Excess of Students' Activities transferred to Students' Fund (Q-U)
83,336.00
- Transferred to Building Maintenance Fund (Interest on FD)
105,739.00
- Transferred to ITT Earmarked Fund
627,948.00
- Transferred to Merit Award Earmarked Fund (Interest on FD)
14,108.00
- Transferred to General Reserve
820,207.50
TOTAL
1,651,338.50
Significant Accounting Policies and Notes on Accounts
W
Notes and Schedules referred to above form part of the financial statements.
In terms of our report of even date annexed.
For Arvind Saxena & Co.
Chartered Accountants
For Ranchi Branch of CIRC of ICAI
(CA. Raj Kumar)
Partner
Mem. No. 407573
FRN. 013525C
Place : Ranchi
Date : 30.04.2014
(CA. Uday Jayaswal)
Chairman
(CA. Dharmendra Kr. Sinha)
Secretary
(31,528.00)
99,880.00
528,029.00
6,195.00
639,489.00
1,242,065.00
(CA. Vikash Kr. Poddar)
Treasurer
RANCHI BRANCH OF CIRC OF ICAI
BALANCE SHEET AS AT 31.03.2014
Sl. Particulars
no.
SOURCES OF FUND
A RESERVES & SURPLUS
i) Capital Reserve
Sch
ii) General Reserve
A
iii) Other Reserve
B EARMARKED FUNDS
i) Earmarked Fund - Building
Current Year
31.03.2014
Amount(Rs)
Previous Year
31.03.2013
Amount(Rs)
NIL
NIL
10,126,780.52
9,306,573.02
NIL
NIL
NIL
NIL
ii) Earmarked Fund - Building Maintenance
B
1,174,784.00
1,236,503.00
iii) Earmarked Fund - ITT Centre
C
3,057,725.00
2,429,777.00
iv) Earmarked Fund - CICASA
D
307,216.00
223,880.00
v) Earmarked Fund - Merit Award
F
255,000.00
261,195.00
G
291,119.00
278,800.00
C CURRENT LIABILITIES & PROVISIONS
D INTER UNIT BALANCES
i) Regional Council Current Account
ii) Central Council Account
a) Capital Grant
iii) Publication Stock Transfer Account
iv) ICAI Publication Payable Account
NIL
NIL
2,769,620.00
472,590.00
3,694.00
2,648,557.00
579,590.00
NIL
18,458,528.52
16,964,875.02
E1
7,152,323.25
7,635,218.25
E2
492,894.00
548,625.00
H
1,174,784.00
1,236,503.00
TOTAL
APPLICATION OF FUNDS
A NON CURRENT ASSETS (FIXED ASSETS)
i) Fixed Assets (Including Land & Building)
ii) Fixed Assets - ITT
B INVESTMENTS
i) Earmarked Investment - Building Maintenance
ii) Earmarked Investment - ITT Centre
I
3,057,725.00
2,429,777.00
iii) Earmarked Investment - CICASA
J
307,216.00
223,880.00
iv) Earmarked Investment - Merit Award
K
255,000.00
261,195.00
v) General Investments
L
4,694,160.00
3,493,302.00
C CURENT ASSETS
i) Current Assets
M
38,225.00
61,527.00
ii) Advances & Prepayments
N
27,328.00
31,126.00
iii) Cash & Bank Balances
O
520,387.27
123,655.77
NIL
265,896.00
472,590.00
18,458,528.52
NIL
340,476.00
579,590.00
16,964,875.02
D
i)
ii)
iii)
INTER UNIT BALANCES
Regional Council Account
ICAI Current Account
ICAI Publication Stock Account
P
TOTAL
Significant Accounting Policies and Notes on Accounts
W
Notes and Schedules referred to above form part of the financial statements.
In terms of our report of even date annexed.
For Arvind Saxena & Co.
Chartered Accountants
For Ranchi Branch of CIRC of ICAI
(CA. Raj Kumar)
Partner
Mem. No. 407573
FRN. 013525C
Place : Ranchi
Date : 30.04.2014
(CA. Uday Jayaswal)
Chairman
(CA. Dharmendra Kr. Sinha)
Secretary
(CA. Vikash Kr. Poddar)
Treasurer
Particulars
RANCHI BRANCH OF CIRC OF ICAI
SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31.03.2014
AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED AS ON 31.03.2014
Current Year
Previous Year
31.03.2014
31.03.2013
Amount(Rs)
Amount(Rs)
Schedule - A
General Reserve
Opening Balance as at 01.04.2013/01.04.2012
Add: Surplus during the year
Total
Schedule - B
Earmarked Fund - Building Maintenance
Opening Balance as at 01.04.2013/01.04.2012
Add: Transfer from Income & Expenditure Account
Less : Expenses on Building Maintenance
Schedule - C
Earmarked Fund - ITT Centre
Opening Balance as at 01.04.2013/01.04.2012
Add: Transfer from Income & Expenditure Account
Schedule - D
Earmarked Fund - CICASA
Opening Balance as at 01.04.2013/01.04.2012
Add: Transfer from Income & Expenditure Account
Schedule - F
Earmarked Fund - Merit Award
Opening Balance as at 01.04.2013/01.04.2012
Add: Fund Received
Transfer from Income & Expenditure Account
Less : Expenses of Merit Awards
Schedule - G
Current Liabilities & Provisions
Advance Fee for ITT Course
TDS Payable
Advance Fee for Orientation Programme
Advance Fee for GMCS-I Course
Outstanding salary and other Expenses
Provision for Expenses
Audit Fee Payable
Sundry Creditor for Expenses
MICA Educom Pvt. Ltd.
Schedule - H
Earmarked Investment - Building Maintenance
Opening Balance as at 01.04.2013/01.04.2012
- Fixed Deposits with Bank including accrued Interest
- Balance in Saving Bank Account
Total Opening balance
Add: Interest on Fixed Deposit
Balance in Saving Bank Accounts
Less: Utilisation
- From Saving Bank Account
- Part of Interest of Fixed Deposit
- From General Fund transfer to General Investment
9,306,573.02
820,207.50
10,126,780.52
8,667,084.02
639,489.00
9,306,573.02
1,236,503.00
105,739.00
1,342,242.00
167,458.00
1,174,784.00
1,232,411.00
99,880.00
1,332,291.00
95,788.00
1,236,503.00
2,429,777.00
627,948.00
3,057,725.00
1,901,748.00
528,029.00
2,429,777.00
223,880.00
83,336.00
307,216.00
255,408.00
(31,528.00)
223,880.00
261,195.00
NIL
14,108.00
275,303.00
20,303.00
255,000.00
NIL
255,000.00
6,195.00
261,195.00
NIL
261,195.00
32,000.00
700.00
69,000.00
48,000.00
93,561.00
8,000.00
13,483.00
25,375.00
1,000.00
291,119.00
136,000.00
800.00
123,000.00
NIL
10,500.00
NIL
7,500.00
NIL
1,000.00
278,800.00
1,201,354.00
35,149.00
1,236,503.00
105,739.00
NIL
1,101,474.00
NIL
1,101,474.00
99,880.00
35,149.00
35,149.00
7,207.00
125,102.00
1,174,784.00
NIL
NIL
NIL
1,236,503.00
RANCHI BRANCH OF CIRC OF ICAI
Particulars
Schedule - I
Earmarked Investment - ITT Centre
Opening Balance as at 01.04.2013/01.04.2012
(Fixed Deposits with Bank including accrued Interest)
Add: New Fixed Deposit during the year out of earmarked receipts
Interest on Fixed Deposit
Schedule - J
Earmarked Investment - CICASA
Balance in Saving Bank Accounts
Fixed Assets (Annexure - "E3")
Grant Receivable from H. O.
Schedule - K
Earmarked Investment - Merit Awards
- Fixed Deposits with Bank as at 01.04.2013/01.04.2012
- Balance in Saving Account
Total Opening Balance
Add: Interest receivable
Balance in Saving Bank Account
Less: Utilised the interest amount of previous year
Less: Transfer to General Investment
Schedule - L
General Investments
Long Term Investments (At Cost)
- Fixed Deposits with Scheduled Banks
Short Term Deposits
- With Scheduled Banks (having duration upto one year)
- Interest Receivable on Fixed Deposits
Silver Coin (1 Pc.)
Add: Transfer from Building Maintance Investment
Add: Transfer from Merit Award Investment
Schedule - M
Current Assets
TDS Refundable
Interest Refundable from Bank
Receivable for Members Directory
Receivable against Seminar/Conference
Schedule - N
Advances & Prepayments
Security deposited for water Jar
Advance for Expenses
Advance - Employees
Schedule - O
Cash & Bank Balances
Cash in Hand
Cheque in Hand
Balance in Saving Bank Accounts
Schedule - P
ICAI Current Account
CPE Grant Receivable (old)
Commission on Sales of Publications
Salary to Branch Staff
TDS - Refundable
Reimbursement of Expenses of SLCPB (old)
Reimbursement of Expenses of CCBCA & SMPs
Reimbursement of Expenses of IFRS Examination
Revenue & Membership Fees Grant receivble
CICASA Expenses receivable
CPL Grant
Less: Transfer to Earmarked Investment - CICASA
Schedule - Q
CICASA Income
CPL Grant
Income from CA. Students Seminar
Others CA. Students Activities Grant
Income from CA Students Study Tour
Membership Fees & Election Nomination Fee
Interest on SB A/C
Prior Period Income (CPL Grant - 2012-13)
Current Year
31.03.2014
Amount(Rs)
Previous Year
31.03.2013
Amount(Rs)
2,429,777.00
1,901,748.00
406,000.00
221,948.00
3,057,725.00
363,000.00
165,029.00
2,429,777.00
177,720.00
8,440.00
121,056.00
307,216.00
12,981.00
9,930.00
200,969.00
223,880.00
163,000.00
98,195.00
261,195.00
1,225.00
NIL
6,195.00
1,225.00
255,000.00
163,000.00
NIL
163,000.00
NIL
98,195.00
NIL
NIL
261,195.00
2,799,437.00
2,671,342.00
1,400,000.00
367,296.00
1,100.00
125,102.00
1,225.00
4,694,160.00
650,000.00
170,860.00
1,100.00
NIL
NIL
3,493,302.00
NIL
5,778.00
6,000.00
26,447.00
38,225.00
52,527.00
NIL
NIL
9,000.00
61,527.00
400.00
11,034.00
15,894.00
27,328.00
400.00
NIL
30,726.00
31,126.00
3,785.00
Nil
516,602.27
520,387.27
13,992.00
300.00
109,363.77
123,655.77
18,301.00
73,690.00
(10,660.00)
156,463.00
9,230.00
18,872.00
NIL
NIL
18,301.00
127,420.00
44,284.00
71,090.00
9,230.00
NIL
4,551.00
65,600.00
121,056.00
121,056.00
265,896.00
200,969.00
200,969.00
340,476.00
268,288.00
68,552.00
49,372.00
112,500.00
2,240.00
118.00
33,082.00
534,152.00
206,583.00
76,200.00
169,985.00
87,500.00
1,360.00
883.00
NIL
542,511.00
RANCHI BRANCH OF CIRC OF ICAI
Current Year
31.03.2014
Amount(Rs)
Particulars
Schedule - R
Interest on Investments & Saving Bank Accounts
Interest on Fixed Deposits
Interest on SB A/cs
Schedule - S
Other Income
Profit on Sale of Fixed Assets
Surplus of Members Directory
Miscellaneous Income
Schedule - T
Expenses of ITT Course
Faculties, Staffs Salaries & Administrative Expenses
15% Share to H. O.
Depreciation
Loss on discarded fixed Assets (Prior Period)
Electricity Expenses
Postage,Phone & Broadband Expenses
Printing & Stationery Expenses
Fuel (Diesel) Expenses
Repairs & Maintenance
Refreshment
Schedule - U
CICASA Expenses
Salary - CICASA Staff
Expenses of Meeting & AGM
Expenses of Sports Activities
Expenses of Youth Festival
Seminar/Conference Expenses
Traveling - CICASA Members
Others Activities Expenses
CA Students Study Tour Expenses
Expenses of Mock Test & Counseling
Printing & Stationery
Postage, Phone & SMS
Depreciation on CICASA Assets
Schedule - V
Other Expenses
Bank Charges
Medical Expenses of Staffs
AGM & Members Activities Expenses
Consultany Charges
Meeting Expenses
Website Expenses
Loss on Discarded Fixed Asset
Silver Jubilee Celebration Expenses
Office Expenses
For Arvind Saxena & Co.
Chartered Accountants
(CA. Raj Kumar)
Partner
Mem. No. 407573
FRN. 013525C
Place : Ranchi
Date : 30.04.2014
Previous Year
31.03.2013
Amount(Rs)
692,618.00
106,085.00
798,703.00
505,879.00
51,281.00
557,160.00
NIL
3,000.00
400.00
3,400.00
2,536.00
NIL
2,000.00
4,536.00
508,829.00
243,600.00
72,411.00
1,370.00
68,647.00
22,687.00
9,191.00
44,048.00
34,608.00
26,348.00
1,031,739.00
459,050.00
217,800.00
102,789.00
NIL
56,538.00
25,866.00
6,987.00
50,500.00
19,059.00
31,990.00
970,579.00
31,791.00
7,093.00
46,723.00
NIL
91,405.00
18,200.00
7,725.00
224,493.00
13,169.00
300.00
8,427.00
1,490.00
450,816.00
NIL
13,875.00
50,176.00
129,985.00
103,592.00
7,665.00
19,210.00
205,115.00
31,713.00
NIL
10,956.00
1,752.00
574,039.00
1,310.50
1,500.00
32,400.00
4,000.00
15,892.00
23,000.00
85.00
NIL
32,734.00
110,921.50
996.00
NIL
66,922.00
NIL
20,689.00
28,300.00
NIL
175,726.00
35,819.00
328,452.00
For Ranchi Branch of CIRC of ICAI
(CA. Uday Jayaswal)
(CA. Dharmendra Kr. Sinha)
(CA. Vikash Kr. Poddar)
Chairman
Secretary
Treasurer
CASH CERTIFICATE
Certified that the Cash Balance of Ranchi Branch of CIRC of ICAI at Branch as on 31.03.2014 is Rs.3785.00
Certified that the Cheques in Hand of Ranchi Branch of CIRC of ICAI at Branch as on 31.03.2014 is Rs. Nil
BANK RECONCILIATION STATEMENT
1 S.B. Account No. 11981 with I.O.B. Ranchi 31.03.2014
Closing Bank Balance as per Bank Book
Add : Cheque issued but not presented for payment
Ch. No.& Date
Name of Party
166634 -19.03.2014 - The Secretary, The ICAI
Dr.
211,903.27
Cr.
222,528.27
Closing Bank Balance as per Bank Book
Dr.
15,541.00
Closing Bank Balance as per Pass Book
Cr.
15,541.00
Dr.
463,840.00
Amount(Rs)
10625.00
Closing Bank Balance as per Pass Book
10,625.00
2 S.B. Account No. 11916 with Corporation Bank, Ranchi 31.03.2014
3 S.B. Account No. 11917 with Corporation Bank, Ranchi 31.03.2014
Closing Bank Balance as per Bank Book
Add : Cheque issued but not presented for payment
Ch. No.& Date
Name of Party
866160 - 24.01.2014 - Richa Bagat
868181 - 30.01.2014 - I. D. Publishers
875383 - 28.02.2014 - The Secretary, The ICAI
877117 - 20.03.2014 - The Secretary, The ICAI
877119 - 29.03.2014 - The Secretary, The ICAI
Amount(Rs)
4000.00
3990.00
24500.00
33600.00
388100.00
454190.00
Closing Bank Balance as per Pass Book
4 S.B. Account No. 63053796205 with S.B.I.,Ranchi 31.03.2014 (CICASA)
Closing Bank Balance as per Bank Book
Closing Bank Balance as per Pass Book
454,190.00
Cr.
918,030.00
Dr.
Cr.
3,038.00
3,038.00
DETAILS OF SAVING BANKS ACCOUNTS & BALANCES AS ON 31.03.2014
Bank Account Details
Amount(Rs)
SB Account No. 11981 (IOB)
211,903.27
SB Account No. 11916 (CB)
15,541.00
SB Account No. 11917(CB)
463,840.00
SB Account No. 6205 (SBI)
3,038.00
Total
694,322.27
The Balance of Rs. 694,322.27 in Saving Bank Accounts relates to the following:
(a) Earmarked Fund in Saving Bank Account
Earmarked Investment - CICASA
Total Earmarked
177,720.00
177,720.00
516,602.27
(b) General Account (Balance)
Total
694,322.27
For Arvind Saxena & Co.
Chartered Accountants
(CA. Raj Kumar)
Partner
Mem. No. 407573
FRN. 013525C
Place : Ranchi
Date : 30.04.2014
For Ranchi Branch of CIRC of ICAI
(CA. Uday Jayaswal)
Chairman
(CA. Dharmendra Kr. Sinha)
Secretary
(CA. Vikash Kr. Poddar)
Treasurer
PHYSICAL VERIFICATION OF FIXED ASSETS
Certified that we have carried out physical verification of Fixed Assets of Ranchi Branch of CIRC of ICAI
on 31.03.2014 and found the assets to be in accordance with the records.
For Arvind Saxena & Co.
Chartered Accountants
For Ranchi Branch of CIRC of ICAI
(CA. Raj Kumar)
Partner
Mem. No. 407573
FRN. 013525C
(CA. Uday Jayaswal)
Chairman
(CA. Dharmendra Kr. Sinha)
Secretary
(CA. Vikash Kr. Poddar)
Treasurer
Place : Ranchi
Date : 30.04.2014
CAPITAL GRANT UTILISATION CERTIFICATE
a)
Capital Grant received upto 31.03.2013
Add: Capital Grant received for during the period
2,648,557.00
121,063.00
b)
Capital Grant utilised upto 31.03.2014
c)
Capital Grant Receivable (Sanctioned for 2013-14) not yet received
i) Recurring Capital
ii) Recurring Library Grant
iii) Capital Items Purchased
2,769,620.00
2,730,970.00
For Arvind Saxena & Co.
Chartered Accountants
(CA. Raj Kumar)
Partner
Mem. No. 407573
FRN. 013525C
Place : Ranchi
Date : 30.04.2014
NIL
6,000.00
NIL
6000.00
For Ranchi Branch of CIRC of ICAI
(CA. Uday Jayaswal)
Chairman
(CA. Dharmendra Kr. Sinha)
Secretary
(CA. Vikash Kr. Poddar)
Treasurer
RANCHI BRANCH OF CIRC OF ICAI
Schedule "E1''
Schedule of Fixed Assets
Gross Block
Particulars
Tangible Assets
Land
Rate of
Dep. %
Cost As At
01.04.2013
0
165,289.25
Buildings
5
5,506,616.00
Lift
10
660,000.00
Furniture & Fixtures
10
2,316,117.00
Office Equipments
15
272,763.00
Air Conditioners
15
230,173.00
-
Electrical Installations
10
349,992.00
-
Computers
60
298,359.00
Library Books
100
112,199.00
Cycle
20
1,512.57
-
Motor Cycle
20
40,921.00
-
TOTAL
Previous year figures
Details of purchase of Fixed Assets
Particulars
Date
Library - Web Portal
16.09.13
Software
22.10.13
Computer & UPS
30.01.14
Fridge
21.01.14
9,953,941.82
9,490,612.82
Depreciation/ Amortisation
Adjustments/
Additions during
Transfer/
the year
Sale
-
Cost As At
31.03.2014
Upto 01.04.2013
-
165,289.25
-
5,506,616.00
755,697.00
237,546.00
660,000.00
178,860.00
48,114.00
3,780.00
2,312,337.00
638,404.00
167,667.00
4,450.00
281,313.00
147,854.00
19,099.00
-
230,173.00
85,364.00
21,721.00
-
349,992.00
93,861.00
25,613.00
45,050.00
-
343,409.00
287,727.00
6,000.00
-
118,199.00
112,199.00
-
13,000.00
64,050.00
517,779.00
1,512.57
9,742.57
54,450.00
-
Place : Ranchi
Date : 30.04.2014
-
Adjustments/
Upto 31.03.2014
Transfer/ Sale
993,243.00
4,513,373.00
4,750,919.00
226,974.00
433,026.00
481,140.00
(2,735.00)
803,336.00
1,509,001.00
1,677,713.00
(3,617.00)
163,336.00
117,977.00
124,909.00
-
107,085.00
123,088.00
144,809.00
-
119,474.00
230,518.00
256,131.00
14,487.00
-
302,214.00
41,195.00
10,632.00
6,000.00
-
118,199.00
1,406.57
21.00
4,714.00
10,008,249.25
9,953,941.82
2,318,723.57
1,703,844.57
544,982.00
596,594.00
-
-
WDV as on
31.03.13
165,289.25
17,351.00
-
WDV as on
31.03.14
165,289.25
40,921.00
(1,427.57)
(7,779.57)
18,285.00
-
-
22,065.00
18,856.00
2,855,926.00
2,318,723.57
7,152,323.25
7,635,218.25
Amount
6000
9000
36050
45050
13000
For Arvind Saxena & Co.
Chartered Accountants
(CA. Raj Kumar)
Partner
Mem. No. 407573
FRN. 013525C
-
During the year
Net Block
For Ranchi Branch of CIRC of ICAI
(CA. Uday Jayaswal)
Chairman
(CA. Dharmendra Kr. Sinha)
Secretary
(CA. Vikash Kr. Poddar)
Treasurer
106.00
23,570.00
7,635,218.25
7,786,768.25
RANCHI BRANCH OF CIRC OF ICAI
Schedule "E2''
Schedule of Fixed Assets Information Technology Training Centre
Gross Block
Particulars
Rate
of
Dep.
%
Cost As At
01.04.2013
Additions
during the
year
Tangible Assets
Furniture & Fixtures
10
111,213.00
Office Equipments
15
98,862.00
Air Conditioners
15
120,964.00
Electrical Installations
10
30,424.00
Computers
60
940,995.00
4,150.00
DG Set
TOTAL
Assets with MICA
Furniture & Fixtures
Electrical Installations
TOTAL
10
338,857.00
1,641,315.00
18,050.00
10
10
62,180.00
18,420.00
80,600.00
Grand Total
Previous year figures
1,721,915.00
1,721,915.00
Details of Purchase of Fixed Assets
Particulars
Date
LED Television
22.08.2013
UPS - 1000VA
26.11.2013
-
Depreciation/ Amortisation
Adjustments/
Transfer/ Sale
Upto 01.04.2013
During the
year
108,813.00
40,669.00
6,917.00
-
112,762.00
40,429.00
10,155.00
-
-
120,964.00
46,900.00
-
-
30,424.00
7,687.00
-
945,145.00
13,900.00
18,050.00
-
(2,400.00)
Cost As At
31.03.2014
(2,400.00)
(2,400.00)
-
Place : Ranchi
Date : 30.04.2014
WDV as on
31.03.14
WDV as on
31.03.13
62,257.00
70,544.00
-
50,584.00
62,178.00
58,433.00
11,110.00
-
58,010.00
62,954.00
74,064.00
2,274.00
-
9,961.00
20,463.00
22,737.00
912,700.00
18,015.00
-
930,715.00
14,430.00
28,295.00
338,857.00
1,656,965.00
99,453.00
1,147,838.00
23,940.00
72,411.00
123,393.00
1,219,219.00
215,464.00
437,746.00
239,404.00
493,477.00
62,180.00
18,420.00
80,600.00
19,117.00
6,335.00
25,452.00
19,117.00
6,335.00
25,452.00
43,063.00
12,085.00
55,148.00
43,063.00
12,085.00
55,148.00
1,737,565.00
1,721,915.00
1,173,290.00
1,109,393.00
1,244,671.00
1,173,290.00
492,894.00
548,625.00
548,625.00
612,522.00
72,411.00
102,789.00
(1,030.00)
Upto
31.03.2014
46,556.00
(1,030.00)
(1,030.00)
(38,892.00)
Amount
13900.00
4150.00
For Arvind Saxena & Co.
Chartered Accountants
(CA. Raj Kumar)
Partner
Mem. No. 407573
FRN. 013525C
Adjustments/
Transfer/ Sale
Net Block
For Ranchi Branch of CIRC of ICAI
(CA. Uday Jayaswal)
Chairman
(CA.Dharmendra Kr. Sinha)
Secretary
(CA. Vikash Kr. Poddar)
Treasurer
RANCHI BRANCH OF CIRC OF ICAI
SCHEDULE – W
SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTS:
I.
ACCOUNTING POLICIES
1.
METHOD OF ACCOUNTING:
a. The Financial Statements have been prepared under the historical cost convention in accordance with
the generally accepted accounting principles. These accounts have been prepared in accordance with
the applicable Accounting Standards issued by the Institute of Chartered Accountants of India and are
on accrual basis unless otherwise stated.
b. Capital Grant is accounted for on receipt basis.
2.
ALLOCATION/ TRANSFER TO RESERVES & SURPLUS AND EARMARKED FUNDS
a. 15% of the total ITT course fee has been transferred to H.O.
b. Rs. 1000.00 per student of ITT Training has been transferred to ITT Earmarked Fund.
c. Interests on Fixed Deposits have been transferred to respective funds.
3.
FIXED ASSETS & DEPRECIATION:
a. Fixed Assets other than Land are stated at historical cost less depreciation. Land is stated at cost.
b. Depreciation has been provided on W.D.V. method at the rates and in the manner prescribed by the
ICAI in its “Accounting Manual for Branches of Regional Councils”.
c. Depreciation on Assets acquired during the year is provided on monthly pro-rata basis. However,
Library books are depreciated at the rate of 100% in the year of purchase.
4.
INVENTORIES:
a. Stock of ICAI Publications is valued at ICAI Invoice Price.
II.
NOTES ON ACCOUNTS:
1. Contingent liability:
Branch had received a Legal Notice in respect of lease rent for unexpired period of lease for
former ITT Centre amounting to Rs. 1.5 Lacs, for which no liability was provided in the books.
Also a counter notice was served by the branch to the Centre Incharge for possession of Assets
lying in the premises.
2. No depreciation has been provided on the furniture & other Assets lying at former ITT Centre, as the
assets are not being used by the Branch. Further no provision for impairment of such assets, if any,
has been made.
3. Total prior period expenditure worked out at Rs. 9,32,127.00 which has been debited to Income and
Expenditure Account for the year ended on 31.03.2014. The prior period expenditure includes: i. Rs. 9,31,200.00 payable to head office against 15% of total ITT Course fees received by the
Branch during the period 2007-08 to 2011-12.
ii. Rs. 927.00 being the Service Tax payable on Audit fees for Financial Year 2012-13.
iii. Computer Table and White Board worth Rs. 1878.00 was removed from fixed assets register in
the year 2012-13 but WDV value was not removed from the financial statement, the same has
been removed this year.
4. Smooth Chair worth Rs. 1370.00(Shown in Schedule –T) was removed from fixed assets register in
the year 2012-13 but WDV value was not removed from the financial statement, this has been
removed this year.
5. Branch had incurred an expenditure of Rs. 33082.00 against CICASA-CPL Grant in the Financial
Year 2012-13, same was debited to Income and Expenditure Account in 2012-13, but Income against
that expenditure is recognized in this Financial Year when actually received.
6. Payment of Government Rent for Land has not been made during the year and the registration with
respect to Holding Tax for the building is still under process.
7. TDS of Branch is deposited/transferred in the PAN of the Head Office.
8. Figures of previous year have been re-grouped/re-arranged/re-classified wherever necessary to make
them comparable with those of the Current year.
9. Interest Receivable on Fixed Deposit of Merit Award should be transferred to saving bank account but
due to mistake of bank it was transferred by bank to Fixed Deposit of Merit Award.
For, Arvind Saxena & Co.
Chartered Accountants
For Ranchi Branch of CIRC of ICAI
(CA. Raj Kumar)
Partner
Mem. No. 407573
FRN. 013525C
Place : Ranchi
Date : 30.04.2014
(CA. Uday Jayaswal)
Chairman
(CA. Dharmendra Kr. Sinha)
Secretary
(CA. Vikash Kr. Poddar)
Treasurer

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