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Implementation of Accrual Accounting over Indian Railways
ByIndian Railways and ICAI Accounting Research Foundation
As part of broader administrative reforms, Ministry of Railways decided
to bring transparency in its accounting system by preparing additional
set of Financial Statements on accrual principles in addition to cash
based accounts so as to achieve convergence with Generally Accepted
A ti P i i l (GAAP) F thi t il t P j tAccounting Principles (GAAP). For this purpose two pilot Projects were
started, one in North Western Railway (NWR) and another one in Rail
Coach Factory (RCF)Coach Factory (RCF).
Now, MOR has resolved to scale up Accrual Accounting in whole Indian
Railways in collaboration with Institute of Chartered Accountant of India–Railways in collaboration with Institute of Chartered Accountant of India
Accounting Research Foundation (ICAI ARF).
The entire Accounting Reforms project has a March 2019deadline for the Indian Railways. As elaborated in the 2017-18 Budget speech of Hon’ble Finance Minister, the projectunderscores the need for the state-owned transporter totake “transformative measures” in the way it conducts itsbusiness.
Indian Railways, being a department of Government of India, maintains
its Finance Accounts under hybrid system of accounting in the form and
format mandated by CGA and C&AG.
In August 2002, Government of India formed GASAB to formulate
A ti St d d f b th C h A ti d A l A ti iAccounting Standards for both Cash Accounting and Accrual Accounting in
Government Departments. This was followed with the setting up of
Accounting Reforms Directorate in the Railway BoardAccounting Reforms Directorate in the Railway Board.
In 2016 Board set up AR project organization in NR headed by CPM/AR to
implement Accounting Reforms on all Indian Railways The organization isimplement Accounting Reforms on all Indian Railways. The organization is
working under administrative control of FA&CAO & GM, NR and overall
guidance of AR Directorate /Railway Board.
Accounting Reforms on IR comprise :Accrual AccountAccrual AccountBeing implemented in association with ICAI-ARFPerformance Costing Performance Costing Being implemented in association with ICWAI-MARF
Outcome BudgetingConcept development stage.
The Institute of Chartered Accountants of India, set up under an Act of
P li (Th Ch d A A 1949) h ICAIParliament (The Chartered Accountants Act, 1949), has set up ICAI
Accounting Research Foundation (ICAI ARF) in January, 1999 as a
Section 8 company ICAI ARF is a core research body in the areas ofSection 8 company. ICAI ARF is a core research body in the areas of
accounting, auditing, capital market, fiscal policies, monetary policies
and other related disciplines.p
Indian Railways is presently following Cash based system of Accountingalong with some elements of accrual accounting. e.g. Demand Payable,D d R i bl t F ll i g th k f t f h b dDemand Receivable, etc. Following are the key features of cash basedsystem of accounting:
Mandated by extant Rules;Th iti t i i b d fl f h The recognition trigger is based on flow of cash;
The focus presently is to report earnings and expenditure onreceipt/expenditure basis; and
Budgetary and legislative compliances assume equal importanceunder this system.
Existing Accounting
Indian Railways has following sources of earnings1. Coaching earnings (Passenger/Other than Passenger);g g ( g g );2. Goods earnings;3. Sundry Other earnings; and4. Miscellaneous ReceiptsPresently earning is recognized as and when it is receivedPresently, earning is recognized as and when it is received.
Let us understand the present accounting system with the following example:Mr A booked a ticked on 30th March 2017 whose travel date is 5th April 2017punder present accounting system the earning will be booked in the previousfinancial year i.e., 2016-17.
However, in accrual accounting system amount received from Mr A should be, g ytreated as liability till 4th April and when the journey takes place, i.e., on 5thApril, the amount will be transferred to relevant income head.
Accounting on Accrual Basis As per the accounting policy finalized for revenue, passenger earning will
be recognized on accrual basis.
Goods earning should also be recognized when the goods are actuallydelivered;delivered;
Sundry other earning1. Rental Income in respect of land/property will be recognized on1. Rental Income in respect of land/property will be recognized on
accrual basis in accordance with the terms and conditions of thecontract with licensee/lessee, etc.
2. Income from sale of un-serviceable revenue scrap, not creditable toDevelopment Fund Depreciation Reserve Fund etc will be accountedDevelopment Fund, Depreciation Reserve Fund, etc. will be accountedfor on realization basis.
Currently, Expenditure is booked based on their demand as prescribed in Finance Code – II. Following two types of demands are mentioned in Finance Code II. Following two types of demands are mentioned in Finance Code – II:Revenue Demands1. Policy Formulation and Railway Board Expenditure (Demand 01 and 02) y y p ( )2. Working Expenses (Demand 03 to 13); 3. Appropriation to various funds like DF, DRF, etc., (Demand 14);4. Suspense (Demand 15); andp ( );Capital Demand1. Capital Expenditure (Demand 16).Expenditure is booked based on their demand allocation rather than itspnature.
Long term liabilities relating to employee benefit are not recognized such as pension leave encashment etcsuch as pension, leave encashment, etc.
Long term liabilities in respect of leased assets taken from IRFC is also not recognizedalso not recognized.
It is imperative for Indian Railways that all such liabilities h ld b i d i th b k should be recognized in the books.
Only payments actually made are reflected in accounts andy p y ypayables are not shown in accounts;
A t d li biliti t fl t d tl Assets and liabilities are not reflected; consequently,financial strength (net worth) not known;
Deficient liability management and weak MIS; Inadequateinternal control procedures;
Inadequate disclosure and audit mechanism.
No disclosure is made about provision of contingentliabilities;
No disclosures are made about accounting policies on thebasis of which Financial Statements are prepared.
No charging of Depreciation on Fixed Assets.
Accrual-based accounting is a method by which, revenues, costs,assets & liabilities are reflected in the period in which they accrueand arise;
Accrual basis attempts to record financial effects of transactions inthe period in which they occur, rather than recording them in theperiod in which cash is received/paid;
The transactions are recognised as soon as a right to receive revenueand/or an obligation to pay a liability is created;
The expenses are recognised when incurred and incomes arerecognized when earned;recognized when earned;
Adjustments are made at the end of the year ensuring incomes andexpenses are recognized in the relevant period;expenses are recognized in the relevant period;
Accrual matches the expenditure incurred with the income earnedduring the period;during the period;
It helps in the assessment of financial performance i.e. profit andloss correctly;loss correctly;
It gives comprehensive information on the Financial Position i.e.assets and liabilities;
It gives information on whether income streams are adequate tomeet short and long term liabilities;
It provides comprehensive information on expenses which helps inknowing the cost consequences of policies and enables comparisonwith alternative policies;
Liquidity position can be better assessed;
It bridges the gap leftover by cash accounting by inclusion ofd d ( i bl d bl ) taccrued expenses and revenues (receivables and payables), assets,
liabilities and provisions, depreciation on fixed assets, etc. in theaccounting system.
It discloses the Accounting Policies used in the preparation ofFinancial Statements for better understanding leading to HigherTransparency and Accountability;
Value-addition to Strategic Financial Decision-making;
Value-added Disclosures;
Analyzability/Comparability of Financial Statements;
Increased value of Management Discussion and Analysis (MD&A); and
Increased effectiveness of internal control systems.
Cash Basis Accrual Basis
Income
On receipt When due
Expense
On payment On crystallization
Asset
Transactions
A Few fixed assets are Considered as revenue exp., and
written off
Capitalized & depreciated
Liabilities
Not recognized recognized
19
Th K Diff Id tifi d The Key Differences Identified during the Pilot Study at during the Pilot Study at North Western Railway
S.No.
Particular Accrual Basis Existing system Remarks
1. Gross Assets includingCWIP (of Rs.
14,789 13,258 • Represent Assets identified from assets charged to revenue. However, several Assets
2102crores)charged to revenue. However, several Assets which were decommissioned were notremoved from Block Account.
• CWIP was identified, which was earlier included in Block Accountincluded in Block Account.
2. AccumulatedDepreciation
3,845 NIL No Depreciation is charged under existingsystem of Accounting based on actualwear/tear. However, an ad-hoc amount istransferred to DRF to compensate thedepreciation.
3. Net Fixed Assets 10,944 13,258 Shows difference between Gross Assets and Accumulated Depreciationp
4 Lease Assets* 2,270 NIL Not recognized in existing system of accounting
.*There is a corresponding liability of Rs. 2270 Crore on Lease Assets.
S.No.
Particular Accrual Basis Cash Basis Remarks
1. Depreciation for the year
499 NIL No Depreciation ischarged under existingsystem of Accountingy gbased on actualwear/tear. However,an ad-hoc amount istransferred to DRF to
2. Appropriation to Depreciation Reserve Fund
291 291
transferred to DRF tocompensate thedepreciation.
Reserve Fund
3. Appropriation to 1,246 1246pp pPension Fund
,
4. Net Profit after Depreciation and
59 565p
Appropriation
Exercise of preparing FAR of NWR was started in April 2016 and Exercise of preparing FAR of NWR was started in April 2016 and completed in July 2016;
Around 63,000 assets vest with NWR which were categorized in to 17 classes as per their nature;
Around 13,000 assets are taken at nominal value, i.e., Re. 1 due tonon-availability of cost data which includes around 3,200,Building 1700 Bridges/Tunnel 4000 Plant Machinery andBuilding,1700 Bridges/Tunnel, 4000 Plant, Machinery andEquipment's.
Actuarial Liability as on 31.03.2015 Net Worth of North Western Railway (NWR) as on 31.03.2015
S.No.
Particular Amount (in Crores)
1 Gratuity 1 707
S.No.
Particular Amount (in Crores)
1. Gratuity 1,707
2. Earned Leave 1,250
3. Medical 1,277
1. Total Assets 23,648
2. Current Liabilities (9,961)
4. Pension 23,907
5. Composite Transfer Grant
111
3. Non-Current Liabilities
(3,912)
4. Net Worth 9,775
Total 28253
*Actuarial Liability is not provided in the Financial Statements as on 31st March 2015
Non Current
AssetsAssets
Current Assets
Balance Sheet
Assets
Current Liabilities
Financial Statements
LiabilitiesNon Current Liabilities
Income Profit & Loss
Account
Income
ExpenditureC h Fl Cash Flow Statement
Financial statements are intended to meet the needs of users.Users of financial statements include stake holders like taxpayers,p y ,members of Legislature, Government entities, the media and thepublic.
The objective of financial statements is primarily to provide ‘trueand fair’ view of the financial position, financial performance andcash flow of the entity which is useful to a wide range of users inmaking and evaluating decisions about allocation of resources andto demonstrate the accountability of the entity for the resourcesentrusted to it.
A complete set of financial statement comprises :A complete set of financial statement comprises :
A statement of financial position; A statement of financial performance; A statement of financial performance; A statement of changes in net assets/equity; A cash flow statement; and Notes to Accounts.
While preparing financial statements on accrual basis, first major task isto prepare an assets register of the organization for all assets held byto prepare an assets register of the organization for all assets held bythem.Fixed Assets, being a significant portion of the total assets of anyorganization, the accounting thereof involves proper classification,organization, the accounting thereof involves proper classification,segregation, recording and presentation for the purpose of reflecting thecorrect financial status and determining the level of efficiency of theorganization in relation to the cost incurred on the assets.
ICAI ARF team compiled the FAR of NWR and RCF in the pilotstudy. Now, FAR for whole Indian Railway is to be preparedstudy. Now, FAR for whole Indian Railway is to be preparedto ascertain the value of assets held by Indian Railways.
• “Property plant and equipments are tangible assets th tthat:• are held by an entity for use in the production or
supply of goods or services, for rental to others, or for administrative purpose; and are expected to be used during more than one
Indian Government Financial Reporting
Standard -2• are expected to be used during more than one
reporting period.
• “Fixed Assets is an asset held with the intention of being used for the purpose of producing or providing goods or services and is not held for sale in the normal Accounting goods or services and is not held for sale in the normal course of business.”
Accounting Standard -10
An asset should be recognized in books of accounts when:
It i t ti. It is put to use;ii. Future economic benefits associated with the asset will flow to
the organization; andiii. Cost of the asset can be measured reliably.
All the fixed assets that are in existence as at the end of the year,i.e., before switching over to the accrual system of accounting shallhave to be brought to the Fixed Assets Register.
Concept of control is an important tool to recognize assets in thebooks of accounts.
The concept of control of an asset’s economic benefit is the key issuein determining whether that asset should be reported in the financialin determining whether that asset should be reported in the financialstatement of the Organisation or not.
According to AS-26, ‘Control’ is identified when the enterprise has According to AS 26, Control is identified when the enterprise hasthe power to obtain future economic benefits flowing from theunderlying resources and also can restrict the access of others tothose benefits;
However, legal enforceability of a right is not a necessary conditionfor control since an enterprise may be able to control the futurep yeconomic benefits in some other way.
In Indian Railways, Assets are classified into two parts:
Fixed Assets
Tangible Intangible Tangible Assets
Intangible Assets
Immovable Assets
Movable AssetsAssets Assets
Furniture & Fixture
Loco/Coach/Wagon
Computers & Peripherals
Medical EquipmentVehicles
Electric Equipment & Fittings Plant, Machinery
& Equipment
Movable Assets
& Equipment (Signal)
Other Equipments (OHE)
Plant, Machinery & EquipmentMast/Portal
Structure
Transformer Office Equipment
Plant, Machinery & Equipment
Conductors (Wire) Equipment
(Telecom)(Wire)
Para 1720 of Engineering Code as applicable on Indian Railwaysprescribes an Asset Register Format (depicted on next slide) toprescribes an Asset Register Format (depicted on next slide) torecord the details of fixed assets. Investment of more than Rs. 20lakhs in fixed assets is included in this Register.
As we all know that Indian Railways prepare Block account for theamount expended from Capital demand i.e. Demand 16.
Presently, Fixed Asset Register is not maintained properly asrequired by accrual based accounting, i.e., fixed asset register foreach and every assets along with all details like Cost date ofeach and every assets along with all details like Cost, date ofacquisition, etc.
Assets Register (Form E, 1720)1.Name of Work2 Date of Commencement2.Date of Commencement3.Date of Completion4.Completion report no. and date5 Authority sanctioning the completion report
Y A t f I t t
5.Authority sanctioning the completion report6.Completion Cost7. Investment Schedule
Year Amount of Investment
Capital DRF DF Revenue
Total
Format provided under Para 1720 of engineering Code is not sufficient torecord the Fixed Assets to be shown under accrual accountingrecord the Fixed Assets to be shown under accrual accounting.
Now, One of the most important tasks is to prepare an assets register forll th fi d t h ld b th I di R ilall the fixed assets held by the Indian Railways.
We would like to apprise that The Fixed Asset Register formats haveb f l d f id i h i i d f dbeen formulated after considering the inputs received from concernedBranch officers at Ajmer Division and Workshop to capture the assets dataand to prepare FAR during pilot study.
37
Following table shows the formats finalized for the collection of Fixed Assets Data:
S. No Name of Fixed Assets Prescribed Format
1 Land FA-1
2 Buildings FA-2
3 Bridge/Flyover/Subways/Tunnel FA-3g y y
4 Roads/Streets FA-4
5 Rails FA-5A5 Rails FA-5A
6 Sleeper FA-5B
7 B ll t FA 5C7 Ballast FA-5C
S. No Name of Fixed Assets Prescribed Format
8 Track Fittings FA 5D8 Track Fittings FA-5D
9 Furniture and Fixtures FA-6
10 Details of Office Equipments FA-7
11 Details of Vehicles FA 811 Details of Vehicles FA-8
12 Details of Plant, Machinery and Equipments
FA-9Equipments
13 Details of Computer and Peripherals FA-10
14 M di l E i t FA 1114 Medical Equipments FA-11
S. No Name of Fixed Assets Prescribed Format
15 Loco/Coach/Wagon FA 1215 Loco/Coach/Wagon FA-12
16 Capital Work in Progress FA-13
17 Plant, Machinery and Equipment (Signal)
FA-14
18 Plant, Machinery and Equipment (Telecom)
FA-15
19 Electrical Equipment and Fittings FA-16q p g
20 Intangible Assets FA-17
S. No Name of Fixed Assets Prescribed Format
21 Details of Conductors (Wire) FA-18A
22 Details of Transformers FA-18B
23 Details of Mast/Portal Structure FA-18C
24 Details of Other Equipments (OHE) FA-18D
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Net
b
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
st –
5%
XX
No. Rai
lway
ion
h (i
n K
Ms)
ng D
ate
Bal
last
Cos
t
nt (T
otal
Cos
l Val
ue)
s is
in u
se
Life
ion
Rat
e
iatio
n
e 31
.03.
XXX
S. N
Div
isio
n/R
Sect
i
Tota
l Len
gth
Scre
enin
Rat
e of
B
Tota
l C
able
Am
oun
Res
idua
l
No.
of y
ears
Cod
al
Dep
reci
ati
Dep
rec
Boo
kVa
lue
T
Dep
reci
a N
Net
1 2 3 4 5 6 7 8 9 1011 12 13
st –
5%
se XX
o. Rai
lway
ular
s
te sum
ed
M. er K
M.
Cos
t
nt (T
otal
Cos
l Val
ue)
l Life
sset
is in
us
prec
iatio
n
iatio
n
e 31
.03.
XXX
S.N
Div
isio
n/R
Part
icu
Dat
Dat
e A
ss KM
Rat
e Pe
Tota
l C
able
Am
oun
Res
idua
l
Use
ful
of Y
ears
as
Rat
e of
Dep
Dep
rec
book
Val
ue
Dep
reci
a
No.
R
Net
1 2 3 4 5 6 7 8 9 10 11 12 13 141 2 3 4 5 6 7 8 9 10 11 12 13 14
If an
y)
uctio
n
ts uctio
n
r cod
al
in u
se
tion
atio
n til
l
s on
.)
S.N
O.
escr
iptio
n
Loca
tion
ce n
umbe
r (
Dat
e of
io
n/co
nstr
u
al n
o of
uni
t
ost p
er u
nit
otal
Cos
t of
ion/
cons
tru
sets
as
per
rovi
sion
s
ar a
sset
s is
of d
epre
ciat
ted
depr
ecia
1.03
.20X
X
ok v
alue
as
3.20
XX (R
s
Rem
arks
De L
Ref
eren
c
acqu
isiti
Tota Co To
acqu
isiti
Life
of a
s p
No
of y
e a
Rat
e o
Acc
umul
at 31
Net
bo
31.0 R
1 2 3 4 5 6 7 8 9 10 11 12 13 14
mbe
r
on tion
coda
l
n us
e
on tion
till
.03.
20XX
S.N
O.
scrip
tion
ocat
ion
fere
nce
Nu
f ac
quis
itio
no o
f uni
ts
st p
er u
nit
al c
ost o
f on
/inst
alla
t
ets
as p
er c
ovis
ions
asse
ts is
i n
depr
ecia
tio
d de
prec
iat
.03.
20XX
ue a
s on
31.
(Rs.
)
emar
ks
S
Des Lo
Ass
ets
Ref
Dat
e of
Tota
l
Cos To
taac
quis
iti
Life
of a
ss pro
No
of y
ear
Rat
e of
Acc
umul
ate
31.
t boo
k va
lu Re
A
Ne
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Vehicle's details in respect of
Details of improvements si
ons
.20X
X
(Rs.
)
itle
vehi
cles
n
respect of
uisi
tion
isiti
on
improvements
(Rs.
)
on c
ode
coda
l pro
vis
e is
in u
se
ecia
tion
on ti
ll 31
.03
31.0
3.20
XX (
e av
aila
ble
tint
s
r
S. No.
scrip
tion
of v
Loca
tion
ate
of a
cqu
Cos
t of a
cqu
Tota
l cos
t (
und
allo
catio
icle
as
per c
fyea
r veh
icl
ate
of d
epre
d de
prec
iatio
alue
as
on 3
renc
e of
the
docu
men
Remarks
ion
num
ber
e nu
mbe
r
s nu
mbe
r
Date Cost
Des D C Fu
Life
of
veh
No
of
Ra
accu
mul
ated
Net
boo
k v
Giv
e re
fer
Reg
istr
at
Engi
ne
Cha
ssis
a
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
n on atio
n
Details of isio
ns
se
l (Rs.
)
title
ble)
r Cod
e
n n Mac
hine
Mac
hine
y o. &
dat
e
pplie
r
n/in
stal
latio
n/in
stal
latio
ent o
f ope
ra
in u
se
improvements
st on c
ode
coda
l pro
vi
nery
is in
us
ciat
ion
reci
atio
n til
XX 31.0
3.20
XX
e av
aila
ble
tnt
se
(if A
vaila
b
on rplu
ss
S. N
o.to
ck H
olde
rU
nit
Stat
ion
Loca
tion
tego
ry o
f Mcr
iptio
n of
MC
apac
ity
MO
W P
O n
o
Nam
e of
Sup
acqu
isiti
on
acqu
isiti
on
mm
ence
me
o of
shi
fts i
Tota
l cos
nd a
lloca
tiohi
ne a
s pe
r
ars
mac
hin
te o
f dep
reul
ated
dep
r31
.03.
20X
alue
as
on 3
ence
of t
hedo
cum
enm
arke
t val
ue
Con
ditio
Whe
ther
Su
Rem
ark s
ate
ost
St Cat
Des
c
CO
FM N
Cos
t of
Dat
e of
Dat
e of
co m N
o
Fun
fe o
f m
ach
No
of y
e Ra
Acc
umu
Net
boo
k va
Giv
e re
fer
Cur
rent
m WDa
Co
Li N
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
r on ion
odal
use
n on ti
ll
on
S. N
o.
crip
tion
ocat
ion
nce
num
ber
ate
of
on/in
stal
latio
no o
f uni
ts
t per
uni
t
of a
cqui
sit
ets
as p
er c
ovi
sion
s
asse
ts is
in
depr
ecia
tio
d de
prec
iati
1.03
.20X
X
k va
lue
as o
20XX
(Rs.
)
Remarks
S
Des Lo
Ref
eren D
aac
quis
itio
Tota
l n
Cos
t
Tota
l cos
t
Life
of a
sse
prov
No
of y
ear a
Rat
e of
d
ccum
ulat
edda
te 3
Net
boo
k31
.03.
2
L N
Ac
1 2 3 4 5 6 7 8 9 10 11 12 13 14
mbe
r
tion/
its t uisi
tion
er c
odal
s in
use
atio
n
ecia
tion
X as o
n s.
)
S.N
O.
Des
crip
tion
Loca
tion
eren
ce n
um
of a
cqui
sit
inst
alla
tion
tal n
o of
un
Cos
t per
uni
ost o
f acq
u
sset
s as
pe
prov
isio
ns
ear a
sset
s is
of D
epre
cia
ulat
ed d
epre
l 31.
03.2
0XX
ook
valu
e a
03.2
0XX
(R
Remarks
D
Ref
e
Dat
e i
Tot C
Tota
l Co
Life
of a
p
No
of y
e
Rat
e
Acc
umu til
Net
bo
31.
1 2 3 4 5 6 7 8 9 10 11 12 13 14
n on er
Details of e Rs.
)
code
t e ode
e no
.
ach/
loco
n onst
ruct
ion
t of o
pera
tio
ty stru
ctio
n p
oach
Details of improvem
ent
code
rovi
sion
s
s in
use
atio
ntio
n til
l dat
eX .0
3.20
XX (R
S.N
o.
ck h
olde
r c
Dep
artm
ent
Gro
up c
ode
b G
roup
co
et re
fere
nce
wag
on/c
oa
Des
crip
tion
Loca
tion
quis
ition
/co
men
cem
ent
otal
qua
ntit
uisi
tion/
cons
gon/
loco
/co
Tota
l Cos
t
d al
loca
tion
per c
odal
pr
ear a
sset
s i
of D
epre
cia
ed d
epre
cia
31.0
3.20
X X
ue a
s on
31.
Rem
arks
Stoc D G
Su
Ass
e
Type
of D
Dat
e of
acq
ate
of c
omm To
ost o
f acq
uw
ag
Fund
Life
as
p
No
of y
e
Rat
e A
ccum
ulat
e
et b
ook
valu
Dat
e
Cos
t
Da Co A
Ne
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
S D i ti f Estimated C t i d Fund Estimated dateS. No.
Description of Work Location
Estimated Cost of work
Cost incurred till 31.03.20XX
Fund allocation
code
Estimated date of completion
of the workRemarks
1 2 3 4 5 6 7 8
y hine
tion
of
dal
use
till
able
O. f M
achi
nery
ure
of m
ach
/Sta
tion
city
hifts
in u
se
ion/
inst
alla
t
ence
men
t otio
n
ost o
f ns
talla
tion
atio
n co
dee
as p
er c
odio
ns
hine
ry is
in
prec
iatio
n
epre
ciat
ion
20XX
alue
as
on
XX (R
s.)
of th
e av
aila
umen
tske
t val
ue (i
f ab
le)
arks
S.N
O
scrip
tion
of
ficat
ion/
natu
Loca
tion/
Cap
ac
umbe
r of s
h
of a
cqui
siti
e of
com
me
oper
at
Tota
l Co
cqui
sitio
n/in
Fund
allo
caof
mac
hine
prov
is
year
s m
ach
Rat
e of
dep
umul
ated
de
31.0
3.2
Net
boo
k va
31.0
3.20
X
refe
renc
e o
title
doc
uur
rent
mar
kAv
aila
Rem
a
Des
Spec
if Nu
Dat
e o
Dat a c F
Life
o
No
of y R
Acc
u N
Giv
e r
Cu
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 181 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
y hine
wo
e atio
n
of
dal
use
till
20XX
able
labl
e)
O.
of M
achi
nery
ture
of m
ac
(Bet
wee
n tw
ons)
city
hifts
in u
se
ion/
inst
alla
ence
men
t oat
ion
ost o
f ns
talla
tion
atio
n co
dee
as p
er c
odsi
ons
hine
ry is
in
prec
iatio
n
epre
ciat
ion
20XX
s on
31.
03.2
s.)
of th
e av
aila
umen
ts
alue
(if A
vai
arks
S.N
O
escr
iptio
n o
ficat
ion/
nat
ck S
ectio
n(st
atio
Cap
a
umbe
r of s
h
of a
cqui
sit
te o
f com
mop
era
Tota
l Co
cqui
sitio
n/i
Fund
allo
caof
mac
hine
prov
is
year
s m
ach
Rat
e of
dep
umul
ated
de
31.0
3.2
ook
valu
e as
(Rs
refe
renc
e o
title
doc
u
t mar
ket v
a
Rem
a
De
Spec
if
Blo
c N
Dat
e o
Dat ac F
Life
No
of
Acc
u
Net
bo
Giv
e
Cur
ren
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
n on X
on der
no. (
if an
y) Chainage (in Km)
units
/inst
alla
tion
nit
Details of Improvement
on/in
stal
lati
per c
odal
s is
in u
se
ciat
ion
ecia
tion
till
X n 31
.03.
20XX
s
S.N
o.
Des
crip
ti o
Stoc
k H
old
refe
renc
e n
Loca
tion
ngth
/No
of
acqu
isiti
on/
Cos
t per
un
of a
cqui
sitio
asse
ts a
s p
prov
isio
ns
year
ass
ets
e of
dep
rec
late
d de
pre
31.0
3.20
XX
valu
e as
on
(Rs.
)
Rem
arks
m e t
Ass
ets Le
n
Dat
e of
a
Tota
l cos
t oLi
fe o
f
No
of y
Rat
e
Acc
umu
Net
boo
k v
From To Dat
e
cost
T
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
S. D i ti
Date of acquisition/
Cost of acquisition/ L ti
No of year for which Amortization/di ti
Accumulated depreciation/
ti ti
Net Book Value
R kNo. Descriptionq
development/installation
qdevelopment/ installation
Location license is obtained
epreciation Rate
amortization value till 31.03.20XX
as on 31.03.20XX (Rs.)
Remarks
1 2 3 4 5 6 7 8 9 10
Chainage n Details of visi
ons
.20X
X
(Rs.
)
der
ondu
ctor
s
no. (
if an
y)
nChainage (in KMs)
able
/inst
alla
tion
.)
Details of Improvement
Rs.
)
n C
ode
r cod
al p
rov
s is
in u
se
ciat
ion
on ti
ll 31
.03
1.03
.20X
X (
s
S.N
o.
Stoc
k H
old
ptio
n of
Co
refe
renc
e n
Loca
tion
Leng
th o
f Ca
acqu
isiti
on/
Cos
t (R
s.
Tota
l cos
t (R
d A
lloca
tion
sset
s as
pe
year
ass
ets
te o
f dep
rec
depr
ecia
tio
lue
as o
n 3
Rem
arks
m e Rs.
)
Des
cri
Ass
ets L
Dat
e of
a T
Fun
ful l
ife o
f as
No
of y
Rat
cum
ulat
ed
Net
boo
k va
From To Dat
e
Cos
t (
Use
f
Ac N
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
on Details of dal
3.20
XX
(Rs.
)
der
rans
form
er
nsfo
rmer
no. (
if an
y)
n n/in
stal
latio
nits Uni
t
s.)
Details of Improvement
(Rs.
)
on C
ode
s as
per
cod
ns s is
in u
se
ecia
tion
on ti
ll 31
.03
31.0
3.20
XX
ks
S.N
o.St
ock
Hol
riptio
n of
Tr
acity
of T
ran
s re
fere
nce
Loca
tioac
quis
ition
No.
of u
n
Cos
t per
U
Cos
t (R
s
Tota
l cos
t (
nd A
lloca
tio
fe o
f ass
ets
prov
isio
n
year
ass
ets
ate
of d
epre
d de
prec
iati
alue
as
on 3
Rem
ark
ate (R
s.)
Des
cr
Cap
a
Ass
ets
Dat
e of
Fun
Use
ful l
if
No
of
Ra
ccum
ulat
ed
Net
boo
k vaDa
Cos
t
Ac N
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
re n Details of l 20XX
Rs.
)
er rtal
Str
uctu
o. (i
f any
)
/inst
alla
tion Details of
Improvement
s.) Cod
e
s pe
r cod
a ls is
in u
se
atio
n
n til
l 31.
03.2
.03.
20XX
(R
S.N
o.
Stoc
k H
olde
of M
ast/P
or
efer
ence
no
Loca
tion
onst
ruct
ion/
Cos
t (R
s.)
otal
cos
t (R
s
Allo
catio
n
of a
sset
s a
prov
isio
n s
ear a
sset
s i
e of
dep
reci
depr
ecia
tion
ue a
s on
31
Rem
arks
Rs.
)
S
escr
iptio
n o
Ass
ets
r
Dat
e of
Co To
Fund
Use
ful l
ife
No
of y
e
Rat
e
umul
ated
d
et b
ook
valu
Dat
e
Cos
t (R
D
Acc N
e
1 2 3 5 6 7 10 11 12 13 14 15 16 17 18 19 20
ts n Details of al
.20X
X
(Rs.
)
der Eq
uipm
ent
no. (
if an
y)
n /inst
alla
tion
ts nit
.)
Details of Improvement
Rs.
)
n C
ode
as p
er C
oda
s s is
in u
se
ciat
ion
on ti
ll 31
.03.
1.03
.20X
X (
s
S.N
o
Stoc
k H
old
on o
f Oth
er
refe
renc
e n
Loca
tion
Acq
uisi
tion/
No.
of u
nit
Cos
t per
U
Cos
t (R
s.
Tota
l cos
t (R
d A
lloca
tion
e of
ass
ets
apr
ovis
ion
year
ass
ets
te o
f dep
rec
depr
ecia
tio
lue
as o
n 31
Rem
arks
e Rs.
)
Des
crip
tio
Ass
ets
Dat
e of
A T
Fund
Use
ful l
ife
No
of y
Rat
cum
ulat
ed
Net
boo
k va
l
Dat
e
Cos
t (
Acc N
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
During the pilot study, following major challenges were faced in compilationf FARof FAR:
Non availability of Cost;
Non availability of Date/Year of acquisition;
Non availability of Codal life; and
Other miscellaneous issues. Other miscellaneous issues.
Cost was not available in most of cases; specially for Land, Building, Tracks, Bridge, etc.;
Unless the Fixed Assets are shown properly, we will not be able to know the true picture of financial position of any Organization;
Some of the assets are more than 50 years old, assessment of cost of such assets is also a major issue.
67
Exact Date of Acquisition/Construction was also not available in Exact Date of Acquisition/Construction was also not available in most of cases;
In some cases where the date of acquisition was not available the In some cases, where the date of acquisition was not available, the dates were provided like Ave. 2000, before 1970, etc. on self estimation basis.
Date of acquisition/Construction is relevant for Calculationand chargeability of Depreciation.
68
A Fixed asset is required to be depreciated/amortized over itsuseful life;
Para 219 of the Finance code volume- I of Indian railwaysprescribe the useful life of assets. However, in case of somepassets it prescribes the codal life in range.
For examplep
1. Codal Life of Microwave Equipment is provided as 12-15years;years;
2. Codal Life of Walkie-Talkie/VHF is provided as 5-8 years.
69
‘Assets purchased /received from’ was mentioned in the column ofReference Number instead of reference numberReference Number, instead of reference number.
In some cases classification of fixed assets were not proper and detailsof the followings are given in the format of Furniture & Fixtures:of the followings are given in the format of Furniture & Fixtures:
Tea Set; Water bottle; Thermos; Table glass; Calculator;Door curtain; etc.
Likewise, the details of followings were given in the format of Officeequipment instead of providing it in the format prescribed:
Micro Wave; UPS; Aqua guard; Refrigerator; etcMicro Wave; UPS; Aqua guard; Refrigerator; etc.
All the details of Fixed assets were provided in only one format However All the details of Fixed assets were provided in only one format. However,it should be provided in their respective format of fixed assets (FA - 1 toFA - 17).
In the format of intangible assets following details were provided duringthe NWR project:
a. Insurance premium paid;b. Renewable fees paid, etc.Basically, these are expenditures not an intangible asset.
Any item which qualifies for recognition for the purpose of fixed assets,valuation need to be made as per following:
If both the cost and date of construction/purchase are available thenasset should be valued at original cost, i.e., historical cost;
As per IGFRS- 2 “Historical cost/cost of acquisition is the amount ofcash or cash equivalent paid or the fair value of the other considerationgiven to acquire an asset at the time of its acquisition or construction”.
Where an asset is acquired through a non-exchange transaction, itscost shall be measured at its fair value as at the date of acquisition;
Where cost of any assets is not ascertainable because of inadequateor non-existent record; Such assets need to be valued at nominal
l i R 1 t th ti f g iti d ig ti t lvalue, i.e., Re.1 at the time of recognition under migration to accrualaccounting; (as per the Guidelines prepared by ICAI ARF duly approved byRailway Board)
Interest on direct borrowing in relation to any assets will also become the part of cost; and
Repairs, renovations and replacements can be capitalized, only ifsuch expenditure increases the capacity or operating efficiency orextend the useful economic life of the assetextend the useful economic life of the asset.
Land is to be recorded at the purchase price paid/payable and otherincidental costs such as registration charges incurred to bring theasset to its present location and condition;
All the land under the ownership or permissive possession of theIndian Railways (like land taken on perpetual lease), received fromother Government agencies, shall form part of the opening BalanceSheet;
If original documents are not available, valuation can be done on thebasis of value mentioned in the records of Land Revenue Department
th b i f t ti l f i il l t i th i ilor on the basis of transaction value of a similar plot in the similar areaaround the estimated year of transaction;
Any land acquired free of cost or received as gift will be recorded at
nominal value of Re.1/- for the purpose of control. However, costnominal value of Re.1/ for the purpose of control. However, cost
of any developmental work may be capitalized; and
If any land is acquired through compulsory acquisition, land isy q g p y q ,
recorded at the total compensation paid/payable.
It is pertinent to note that “As per the valuation methodology
finalized by Railway Board, consolidated value of Land will be taken
from the appropriation accounts of concerned Zonal
Railway/Production units”.
In addition what has been stated in the general norms of valuationmentioned earlier the following specific norms with respect to valuationmentioned earlier, the following specific norms with respect to valuationof buildings should be followed:
If it i h d th it i t b l d t h i d ll If it is purchased then it is to be valued at purchase price and allother incidental costs incurred to bring the asset to its presentlocation and condition;
If the building has been constructed, then the cost of the buildingwill be taken as the cost of construction. However, if any amount isreceived as grant than same shall be deducted from the cost;received as grant than same shall be deducted from the cost;
If useful life of building has expired then it should be valued atRe. 1/-;
If useful life of Building is not expired, valuation of building maybe done on per Sq. feet or plinth area at depreciated value as ondate of transition;date of transition;
If standard plinth area or per Sq. feet rate is not available,current replacement cost may be used. This value will be deflatedtill f t ti d th d i t d dtill year of construction and then depreciated; and
If neither cost nor date of purchase is available then valuation ofthe building may be made at nominal value i.e. Re. 1/-.t e bu l g ay be a e at o al value .e. e. .
Capital work-in-progress (CWIP) is a main category of Fixed Assets.CWIP is not recorded in any of the asset register. However, ay g ,separate CWIP register is maintained to record progressive bills forconstruction;
CWIP is valued at the amount of money spent and paid plus the CWIP is valued at the amount of money spent and paid plus theamount of bills passed but not yet paid;
No depreciation is charged on CWIP since the asset has not been putp g pto use; and
Asset should be transferred from CWIP to fixed asset register, onceasset got complete and put to useasset got complete and put to use.
AS 26 describes “ An intangible asset is an identifiable non-monetary assets, without physical substance, held for use in the production or supply of goods or services, for rentals to others, or for administrative purposes”.
If an intangible asset is purchased/constructed then cost ofintangible assets comprises all expenditure directly attributed or costincurred to make the assets ready for its intended use;
If an intangible asset is acquired in exchange for shares/securities ofreporting enterprise, the asset is recorded at its fair value, or thefair value of securities issued, whichever is more clearly evident.
S. No. Scenario Basis of Valuation
1 If both the cost and date of purchase/construction is
Original Cost, i.e., historical costp
available/ascertainable
2 If cost is not available/unascertainable but
• If normal useful life of assets is expired, then it will be
the date of construction/purchase is available
p ,valued at Re.1/-; and
• For assets that have not li d h i f l lif outlived their useful life,
valuation shall be done based on current standard costcost.
S. No Scenario Basis of Valuation
3 If date of purchase is not ascertainable
The assets valuation is to be done on case by case basis.y
4 In case neither the cost nor the date of
Valuation will be at Re.1/-, the same being considered as the
purchase/construction is available
gresidual value.
5 If assets received as a If evidence exists, or it is known gift
,that an asset was received by IR as a gift, i.e., without any consideration being paid, it h ld b i d R 1/ should be recognized at Re.1/-.
Start
YesWas the assets received as a
gift?
Yes
Value at Re.1/-
No
Is the cost of the assets available?
Yes
Use Historical Costassets available?
No
Is the year of purchase
Yes
Is it beyond useful life?
Yes
Value at pavailable?
No
useful life?Re.1/-
N
NoNo
No
Does it appear to be beyond useful
life?
Current standard cost
YesYes
Deflated till the year of purchase
Value at Re.1/-
To prepare financial statements data of respective Financial year To prepare financial statements, data of respective Financial yearis required to be captured which is not considered in cash basedfinancial statements;
ICAI ARF team designed various formats in pilot project to capturesuch data;
Now, these formats will be circulated in all Zonal Railways andProduction Units to capture all such data which is not considered inthe cash based financial statements;the cash based financial statements;
Following table shows the formats finalized for the Current Assets Data:
S. No Name of Current Assets PrescribedFormat
1 Investments CA-1
2 Advance to Employees CA-2
3 Misc Advances other than employees CA-33 Misc. Advances other than employees CA-3
4 Earnest Money and Deposits CA-4
5 Transfer Certificate (TC) Debit CA-5
6 Transfer Certificate (TC) Credit CA-66 Transfer Certificate (TC) Credit CA 6
7 Demand Recoverable/Siding Charges CA-7
8 Bank Balances CA-8
S. No Name of Current Assets PrescribedFormatFormat
9 Cash & Cash Equivalents CA-9
l k10 Inventory/Closing Stock CA-10
11 Diesel stock in Railway Diesel Installation (RDI) CA-10A
12 Imprest CA-11
13 R i bl CA 1213 Receivables CA-12
14 Foreign Service Contribution CA-13
15 Advance against State Railway Provident Fund CA-14
16 Warranty Charges CA-1516 Warranty Charges CA 15
Details of InvestmentsForm :- CA-1
S No Description Specify the fund Nature of Date of Duration of Amount Accrued Closing BalS.No. Description Specify the fund from which
Investment made
Nature of Deposit
Date of Investment/
Deposit
Duration of Investment
Amount Invested
(Rs.)
Accrued Interest up to 31.03.20XX
(Rs.)
Closing Bal. as on
31.03.20XX (Rs.)
1 2 3 4 5 6 7 8 9
Details of Advance to EmployeesForm :- CA-2
S.No. Name of Employee Nature of Advance
Amount Advanced
(Rs.)
Principal outstanding as on 31.03.20XX
(Rs )
Interest receivable as on
31.03.20XX (Rs )
Total amount outstanding as on 31.03.20XX
(Rs )(Rs.) (Rs.) (Rs.)
1 2 3 4 5 6 7
Details of Misc. Advance other than EmployeesForm:- CA-3
S.No. Name of Supplier/Contractors
Nature of Advance
Date of Advance
(DD/MM/YY)
Amount Advanced
(Rs.)
Interest receivable as on 31.03.20XX (if
any) (Rs.)
Total amount outstanding as on 31.03.20XX
(Rs.)
1 2 3 4 5 6 7
Details of Earnest money and DepositForm -CA-4
S.No. Particulars Nature of Deposit Amount of Deposit as on 31.03.20XX (Rs.)
Remark(s)
1 2 3 4 5
Details of Transfer Certificate (TC) DebitForm:- CA-5
S. No. Name of Accounting Unit
Particulars of TC Specify whether inward or outward
Date of TC TC reference
no. (if Any)
Total amount outstanding as on 31.03.20XX (Rs.)
1 2 3 4 5 6 7
Details of Transfer Certificate (TC) CreditForm:- CA-6
S No Name of Particulars of Specify whether Date of TC reference Total amountS. No. Name of Accounting Unit
Particulars of TC
Specify whether inward or outward
Date of TC
TC reference no. (if Any)
Total amount outstanding as on 31.03.20XX (Rs.)
1 2 3 4 5 6 7
Details of Demand Recoverable/Siding ChargesForm:- CA-7
S. No. Name of Parties Nature of Demand Due date of Payment
Total amount outstanding as on 31.03.20XX (Rs)
1 2 3 4 5
Details of Bank BalancesForm: CA-8
S. No. Name of Account(s) Name of the Bank Branch Balance as on 31.03.20XX (Rs.)
1 2 3 4 51 2 3 4 5
Details of Cash and Cash Equivalents Form: CA-9
S N P ti l Cl i B lS. No. Particulars Closing Balance as on 31.03.20XX (Rs.)
1 2 3
Details of Inventory/Closing Stock Form: CA-10
S.No. Name of Item/ Material Specification (if any)
Unit of Measuremen
t
Qty./No. of units of item in
stock as on 31 03 20XX
Unit Cost (Rs.)
Total Value as on 31.03.20XX
(Rs.)31.03.20XX
1 2 3 4 5 6 7
Details of Diesel stock in Railway Diesel Institution
Form: CA-10A
S.No. Tank No. Capacity Quantity as on 31st March 20XX
Rate of purchase
Unit of Measurement (UOM) Total Amount (Rs.)p ( )
Details of ImprestForm: CA-11
S. No. Particular of employees Purpose of Imprest
Amount of Imprest Given
Closing Balance as on 31.03.20XX
(Rs.)
1 2 3 4 5
Details of ReceivablesForm - CA 12
S. No. Particulars Opening Balance as on 01.04.20XX
(R )
Amount of Bill raised during the
Y
Amount Received during the Year
Total amount outstanding as on 31 03 20XX (R )(Rs.) Year 31.03.20XX (Rs)
Details of Foreign Service ContributionForm: CA 13Form: CA - 13
S. No. Name of Employee Date of Deputation Amount to be
receivedAmount
RecoveredOutstanding
Balance
Details of Advance Against State Railway Provident FundForm:- CA-14
S. No. Name of Employee Total amount outstanding as on 31.03.20XX (Rs.)
Total amount outstanding as on 31.03.20XX (Rs.)
Details of Warranty ChargesForm:- CA-15
Period of warranty Amount h d
Amount to be i d f dS. No. Particular of Warranty charged
exclusively for warranty
carried forward for following FY
From To
S. Name of Current Liabilities Prescribed
Following table shows the formats finalized for the Current Liabilities Data:
S. No
Na e o Cu e t ab l t es esc bedFormat
1 TDS payable U/s 192 (Salary Payment) CL-1
2 TDS payable U/s 194C (Payment to Contractors) CL-2
3 TDS payable U/s 194J (Payment for ProfessionalServices)
CL-3
4 Service Tax payable CL-4
5 Sales Tax/VAT payable CL-5
6 Wages Payable CL-6
7 Salary Payable CL-7
8 Provident Fund CL-8
9 Other Employee Benefit Payable CL-9
S. No Name of Current Liabilities PrescribedFormat
10 Expenses/Bills Payable CL-10
11 Payable to Contractors/Suppliers CL-11y pp
12 Security Deposit/EMD Payable CL-12
13 Various Funds Balances CL-13
14 Loan Payables CL-14
15 Contractor/Supplier-Supply contract CL-15
16 Contractual Liabilities for works contract CL-16
17 E i C CL 1717 Earnings Contract CL-17
18 Income Received in Advance/Way Leave Charges CL-18
19 Pending claims CL-19
Detail of TDS payable Under Section 192 (Salary Payment)Form:- CL-1
S.No. Particulars TDS payable as on 31.03.20XX (Rs.) Remarks
1 2 3 4
Detail of TDS payable Under Section 194C (Payment to Contractors)Form:- CL-2
S.No. Name of Contractor Nature of Expenditure TDS Payable as on 31.03.20XX (Rs.)
Remarks
1 2 3 4 5
Detail of TDS payable Under Section 194J (Payment for Professional Services)
Form:- CL-3
S.No. Particular of Services Name of Service Provider
TDS Payable as on 31.03.20XX (Rs.)
Remarks
1 2 3 4 5
Detail of Service Tax Payable Form:- CL-4
S.No. Particulars Balance Outstanding on 31.03.20XX (Rs.)
Remarks
1 2 3 4
Detail of Sales Tax/ VAT Payable
Form:- CL-5
S.No. Particulars Balance Outstanding on 31.03.20XX (Rs.)
Remarks
1 2 3 4
Detail of Wages Payable Form:- CL-6
S.No. Particular of Wages Balance Outstanding on 31.03.20XX (Rs.)
Remarks
1 2 3 4
Detail of Salary PayableForm:- CL-7
S.No. Particulars of Salary Balance Outstanding on 31.03.20XX (Rs.)
Remarks (If any)
1 2 3 4
Detail of Provident Fund (PF)Form:- CL-8
S. No. Opening Balance as on 01.04.20XX
Subscription received during the
year
Interest earned during the year
Withdrawal/ Payment to
subscriber made during the year
Closing Balance as on 31.03.20XX
g y
1 2 3 4 5 6
Detail of other Employee Benefits PayableForm:- CL-9
S.No. Particulars Balance Outstanding as on 31.03.20XX (Rs.)
Remarks
1 2 3 4
Detail of Expenses/Bills PayableForm:- CL-10Form: CL 10
S.No. Particulars of Expenditure Balance Outstanding as on 31.03.20XX (Rs.)
1 2 3
Detail of amount payable to Contractors/SuppliersForm:- CL-11
S.No. Name of Contractors/Suppliers Nature of Expenditure Balance Outstanding as on 31.03.20XX (Rs.)
Remarks
1 2 3 4 5
Detail of Security Deposits/EMD payablesForm:- CL-12
S.No. Name of Contractors Nature of work Specify whether Security deposit
or EMD
Balance Outstanding as on 31.03.20XX
(Rs.)
1 2 3 4 5
Details of Various Funds BalancesForm:- CL-13
S.No. Particulars of Fund Opening Balance as on 01.04.20XX
(Rs.)
Contribution to During
FY
Deduction from Funds During
FY
Balance Outstanding
as on
Remarks
31.03.20XX (Rs.)
1 2 3 4 5 6 7
Details of Loans Payable
Form:- CL-14
S.No. Name of Financial
Nature of Loan
Whether secured or
Purpose of Loan
Amount of loan outstanding as
Amount of interest
Amount of penal interest
RemarksFinancial Institution/Bank
Loan secured or unsecured
Loan outstanding as on 31.03.20XX
interest payable as on 31.03.20XX
penal interest payable (If any) as on
31.03.20XX
Details of Payables to Contractors/Suppliers – Supply ContractDetails of Payables to Contractors/Suppliers Supply ContractForm: CL - 15
S. No.
Name of Supplier/Contractor
Receipt Order No.
Date of Receipt Order Bill No. Date of Bill Total Amount (Rs.)pp
Details of Contractual Liabilities for Works contractDetails of Contractual Liabilities for Works contract
Form: CL - 16
P i d f Measurement of work Bill b i d
S. No.
Particulars of Contract
Work Order
No.
Name of Contract
orLocation
Period of Contract Total
Contract Value
Measurement of work done but bill not
submitted
Bill submitted but not Paid
Remarks
From To Date of Measurement
Amount for Bill
Date of Bill
Amount of BillMeasurement for Bill of Bill of Bill
Details of Earning Contract Form: CL - 17
S.No.Name of
Contractor Nature of Contract LocationLicense
Fees Cycle of
License Fees
Period of Contract
RemarksFrom To
Details of Income Received in Advance/Way leave Charges
Form - CL-18
S. No. Particulars Amount Received d i th Y
Date of Advance R i d
Period of Ad
Remarkduring the Year Received Advance
Detail of pending claim
Form: CL – 19
S. No. Particulars of C i
Amount of Claim Whether claim Amount of Claim Whether claim i i RemarksS. No. Claimant Lodge accepted accepted accepted is paid Remarks
Statement of Financial PositionAs on 31st March 20XX
(Fi i R )(Figure in Rs.)
Liabilities Schedule As on 31st March 20XX
As on 1st April 20XX
EquityCapital at Charge (Loan in perpetuity) 1Safety Funds 2
Designated Funds (Internally Generated Funds) 3Investment Financed from Designated Fund (Internally Generated Funds) 4Reserves and Surplus 5p
Non‐current liabilitiesFinance Lease ObligationsDeposits 6Provident Fund and Other Funds 7
Current LiabilitiesFinance Lease ObligationsE l B fit P bl 8Employee Benefits Payable 8Other Liabilities 9
Total Liabilities
Statement of Financial PositionAs on 31st March 20XX
(Fi i R )(Figure in Rs.)
Assets Schedule As on 31st March 20XX
As on 1st April 20XX
Non Current assetsFixed AssetsFixed AssetsTangible Assets 10Gross BlockLess: Accumulated DepreciationNet BlockNet Block
Intangible Assets 11Gross BlockLess: Accumulated AmortizationNet Block
Capital work in progress (CWIP) 12Loans and advances 13Current AssetsCash and cash equivalents 14Receivables 15Inventories 16Other assets 17Adjustment Accounts (Annexure C)
North Western Railways Fund
Total Assets
Statement of Financial Performance
For the year ended 31st March 20XX
(Figure in Rs.)
Particulars Schedule As on 31st March 20XX
Revenue
R f tiRevenue from operations
Transfer of Finished Goods 18
Sale of Finished Goods 19
Coaching Earnings‐Passenger 20
Coaching Earnings‐ Other than passenger 21
Goods earnings 22
Sundry Other Earnings 23
Total Revenue (A)
Statement of Financial PerformanceFor the year ended 31st March 20XX
(Figure in Rs.)(Figure in Rs.) Particulars Schedule As on 31st March 20XXExpensesCost of Material Consumed 24Establishment Expenses 25P d F l 26Power and Fuel 26Repair & Maintenance ‐ other than Stores 27Repair & Maintenance ‐ Stores 27Finance Lease ChargesOperational Expenses 28p pOther expenses 29Changes in Inventories of Finished Goods, Stock in Process & Stock in Trade 30Statutory AuditExpenditure on SurveyExpenditure on Survey
Profit before Depreciation and Appropriation to Funds and payment of DividendDepreciation and Amortization 10, 11
Profit after Depreciation and before Appropriation to FundsAppropriation to Pension FundAppropriation to Depreciation Reserve Fund
Dividend Paid
Surplus/(Deficit) After contribution to Reserve Fund
Cash Flow StatementFor the year ended 31st March 20XX
(Fi i R )(Figure in Rs.) Particulars AmountA. Cash Flow from Operating Activities
Net Profit as per Profit & Loss AccountNet Profit as per Profit & Loss AccountAdjustment for: Depreciation and Amortization Appropriation to Pension FundAppropriation to Depreciation Reserve FundAppropriation to Depreciation Reserve FundDividend PaidPayment of Finance Lease ChargesOperating Profit before working capital changesAdjustment for change in working capital:j g g pIncrease/(Decrease) in Employees Benefit PayableIncrease/(Decrease) in other current liabilitiesIncrease/(Decrease) in Receivable(Increase)/(Decrease) in Inventories
Increase/(Decrease) in Current Finance Lease ObligationIncrease/(Decrease) in other current assetsIncrease/(Decrease) in Adjustment Accounts
Net Cash Flow from Operating Activities
Cash Flow StatementFor the year ended 31st March 20XX
(Fi i R )(Figure in Rs.) Particulars AmountB. Cash Flow from Investing ActivitiesAddition in Fixed AssetsAddition in Capital Work in ProgressAddition in Capital Work in ProgressAddition in Loans and AdvancesIncrease/(Decrease) in Provident Fund and other FundsIncrease/(Decrease) in DepositsNet Cash Flow from Investing ActivitiesNet Cash Flow from Investing Activities
C. Cash Flow from Financing ActivitiesIncrease/(Decrease) in Capital In ChargeIncrease/(Decrease) in Safety Fund( ) yIncrease/(Decrease) in Designated Funds (Internally Generated)Increase/(Decrease) in Finance Lease ObligationDividend PaidPayment of Finance Lease ChargesAppropriation to Pension FundAppropriation to Depreciation Reserve FundIncrease/(Decrease in Investment Financed from Designated FundNet Cash Flow from Financing Activities
Cash and Cash Equivalents (Opening Balance)Net Increase/ (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents (Closing Balance)
Schedules forming part of Financial Statements
Schedule 1 Capital at Charge (Loan in Perpetuity) (Figure in Rs.)Schedule 1 Capital at Charge (Loan in Perpetuity) (Figure in Rs.)
Particulars
Opening Balance as on 1st April
Addition During the Year
Adjustment during the Year on account of Transfer without Financial Adjustment
Closing Balance as on 31st
March 20XXp20XX Financial Adjustment
(TWFA)March 20XX
Loan Capital
Total
Schedule 2 Safety Fund (Figure in Rs )Schedule 2 Safety Fund (Figure in Rs.)
Particulars Opening Balance as on 1st April 20XX
Addition during the year
Closing Balance as on 31st
March 20XX
Special Railway Safety FundRailway Safety Fund
‐Total
Schedule 3 Designated Funds (Internally Generated Fund)(Figure in Rs.)(Figure in Rs.)
Particulars
Opening Balance as on 1st April
20XX
Additions during the year
Interest earned during
the year
Deduction during the year
Closing Balance as on 31st
March 20XX
Depreciation Reserve FundPension Fund
Total
Schedule 4 Investment Financed from Designated Fund (Internally Generated Funds)(Figure in Rs.)
AdditiAdjustment during
th t fParticulars Opening Balance
as on 1st April 20XX
Additions during the
year
the year on account of Transfer without
Financial Adjustment (TWFA)
Closing Balance as on 31st
March 20XX
Railway Capital FundDepreciation Reserve FundDevelopment FundOpen Line WorksOpen Line Works Revenue
‐Total
Schedule 5 Reserves and Surplus (Figure in Rs.)
ParticularsOpening
Balance as on 1st April 20XX
Additions during the
year
Interest earned
during the year
Deduction during the year
Closing Balance as on 31st March
20XX
Surplus carried forward from P & L account
TotalTotal
Schedule 6 Deposits (Figure in Rs.)
Particulars As on 31st March 20XX
As on 1st April 20XX
Security Deposits of SubordinatesSecurity Deposits of Contractors & othersSecurity Deposits of Contractors & othersContribution for work done for Private persons and Public bodies
Sums due to Contractors on closed accounts
Private CompaniesMiscellaneous Deposits
Total
Schedule 7 Provident Fund and other Funds (Figure in Rs.)
Particulars As on 31st March 20XX As on 1st April 20XXGeneral Provident Fund
State Railway Provident Fund (Non‐Contributory)
Staff Benefit FundTotal
Schedule 8 Employees Benefits Payable (Figure in Rs.)
Non‐current Current
ParticularsAs on 31st March 20XX
As on 1st April 20XX
As on 31st March 20XX
As on 1st April 20XX
Salary Payabley yWages PayableDearness Allowance PayableIncentive Payable
Total
Schedule 9 Other Liabilities (Figure in Rs )Schedule 9 Other Liabilities (Figure in Rs.)
ParticularsNon‐current Current
As on 31st M h 20XX
As on 1st April 20XX
As on 31st M h 20XX
As on 1st April 20XXMarch 20XX 20XX March 20XX 20XX
Expenses Payable (Annexure A)Advance Earnings (Annexure B)g ( )
Commercial claims pending paymentsDeposit of Govt. CompaniesN P i S hNew Pension SchemeUnpaid Wages
Payable to contractor and Suppliersy ppTotal
P ti l G Bl k D i ti /A ti ti N t Bl kSchedule 10 Tangible Assets
Particulars Gross Block Depreciation/Amortization Net Block
As on
01.04.20XX
Additions
during the
year
Deduction
during the
year
As on
31.03.20XX
As on
01.04.20XX
Depreciation
for the year
Deduction
Accumulated
depreciation
ill 31.03.20XX
As on
31.03.20XX
As on
01.04.20XX
Owned Assets
D A d ti
Land
Buildings
Bridge/Flyover/Tunnel/Subways
Road/StreetRoad/Street
Railway Tracks
Furniture and Fixtures
Office Equipments
VehiclesVehicles
Computers and Peripherals
Locomotives
Coaches
Pl t M hi d E i t Si lPlant, Machinery and Equipments ‐ Signal
Plant, Machinery and Equipments ‐ Telecom
Plant, Machinery and Equipments ‐ ElectricalPlant, Machinery and Equipment ‐Medical EquipmentsPlant Machinery and Equipments MechanicalPlant, Machinery and Equipments ‐Mechanical, Civil and OthersElectrified Track (OHE)
Total (A)
Schedule 10 Tangible AssetsSchedule 10 Tangible Assets
Particulars Gross Block Depreciation/Amortization Net Block
XX ng
ing
XX XX for
d ill
XX XX
on 01.04.20X
ditions duri
the year
duction duri
the year
on 31.03.20X
on 01.04.20X
preciation f
the year
Deduction
Accumulated
preciation ti
31.03.20XX
on 31.03.20X
on 01.04.20X
Leased AssetsAs o
Add
Ded As o
As o
Dep D A dep 3
As o
As o
Locomotives (Leased)Locomotives (Leased)
Coaches (Leased)Wagons (Leased)
Total (B)
Grand Total (A+B)
Schedule 11 Intangible Assets
Gross Block Depreciation/Amortization Net Block
XX
ng
ng
XX
XX
or
ll X XX
XX
Particulars
on 01.04.20X
itions durin
the year
uction durin
the year
n 31.03. 20X
on 01.04.20X
ortization fo
the year
Deduction/
djustment
ccumulated
ortization til
March 20XX
n 31.03. 20X
on 01.04.20X
As o
Add
Dedu
As o
As o
Amo D Ad
Ac
amo
31st
As o
As o
Software
Total
Schedule 12 Capital work in progress (CWIP)(Figure in Rs.)
lOpening Balance
A lAddition/ Ad
Transfer to fixed d
Closing Balance Particular as on 1st April
20XXAdjustment
during the yearassets during
the yearas on 31st
March 20XX
Capital work in ProgressCapital work in Progress
Total
Schedule 13 Loans and Advances(Figure in Rs.)
Particulars As on 31st March 20XX
As on 1st April 20XXMarch 20XX 20XX
Misc. Advance Revenue Departmental Advances Advance against State Railway Provident FundProvident Fund
Total
Schedule 14 Cash and Cash Equivalents(Figure in Rs.)
Particulars As on 31st March 20XX As on 1st April 20XX
Cash ImprestDepartmental Cash Balancesepa e a a a a eCheques and BillsRemittance into BankSaving Account with GovernmentAccount with RBIPublic Sector Bank SuspenseT t lTotal
Schedule 15 Receivables(Figure in Rs.)
P ti l A 1 t A il 20XXParticulars As on 31st March 20XX As on 1st April 20XX
Pay and Accounts OfficeAccountant GeneralController of Defense Accounts (Defense CDA) Postal and Telecom DepartmentPostal and Telecom DepartmentRajasthan Tourism Development Corporation Limited (RTDC)FSC RecoverableCUG RecoverableAdjustment account with Pakistan RailwaysTraffic SuspensepInterest Receivable from PSPCLRent & Other Charges ReceivableReceivable from PartiesDRDO ReceivableTotal
Schedule 16 Inventories(Fi i R )(Figure in Rs.)
Particulars As on 31st March 20XX
As on 1st April 20XX
Store SuspenseWorkshop Manufacturing SuspenseWorkshop Manufacturing SuspenseDieselStores and SparesRaw MaterialWork in ProgressWork in ProgressFinished GoodsScrapTotal
Schedule 17 Other Assets (Figure in Rs.)
Non‐Current Current
Particulars As on 31st As on 1st As on 31st As on 1st April Particulars March 20XX April 20XX March 20XX p
20XX Security and Earnest Money Deposit Deposit with Central Government (Contra to Schedule 6)
Total
Schedule 18 Transfer of Finished Goods (Transfer of Coaches to Railways)y
(Figures in Rs.)Particulars As on 31st March 20XXCoachesShellShellBogiesTotal Sales/TransfersLess: Excise DutyTotal
Schedule 19 Sale Finished Goods (Sale of Coaches to Non Railway)(Figures in Rs.)
Particulars As on 31st March 20XXGross SalesLess: Excise DutyyTotal
Schedule 20 Coaching Earnings‐ Passenger(Figure in Rs.)
Particulars As on 31st March 20XXParticulars As on 31st March 20XXEarning from passenger traffic Add: Advance apportioned earning for ticket booked in Previous F.Y. and travel take place in Current F.Y.Less: Advance apportioned earning for ticket booked in current F.Y. and travel take place in Next F.Y.Next F.Y.
Total
Schedule 21 Coaching Earnings Other than passenger (Figure in Rs )Schedule 21 Coaching Earnings‐ Other than passenger (Figure in Rs.)
Particulars As on 31st March 20XXParcelLuggageSpecial Train reserve carriage ‐ Other than MilitarySpecial Train reserve carriage Other than MilitarySpecial Train reserve carriage ‐MilitaryCarriage of live stock by passengerHaulage of Postal Vans & CompartmentsPenalty Levied for irregular travellingWharfageR f l f lReceipt of left luggagePlatform TicketMisc. Coaching receipt
Total
Schedule 22 Goods Earnings (Figure in Rs.)
Particulars As on 31st March 20XXCoal, Coke etc.SteelIronFertilizersWharfage and DemurrageOther Goods TrafficAdd: Advance apportioned earning (Previous F Y )Add: Advance apportioned earning (Previous F.Y.)Less: Advance apportioned earning (Current F.Y.)
Total
Schedule 23 ‐ Sundry Other Earnings (Figure in Rs.)
Particulars As on 31st March 20XX
Receipts from Railway Recruitment BoardAdvertisement receiptsRental IncomeCatering IncomeSale of ScrapReimbursement of Operating Loss on Strategic LinesSubsidy from General Revenue towards Dividend Relief and Other concessionsMedical ReceiptInterest & PenaltyShare of Misc. ReceiptsProfit on Sale of Fixed AssetsOther Miscellaneous IncomeAdd: Advance income received in Previous F.Y. and considered as income in CurrentF.Y.Less: Advance income received in Current F.Y. and pertains to income for Next F.Y.
Total
Schedule 24 ‐ Cost of Material Consumed(Figure in Rs.)
Particulars As on 31st March 20XXDirect PurchasesMaterial IssuedRaw Material Adjustment AccountManufacturing Expenses TotalTotal
Schedule 25 Establishment Expenses(Figure in Rs.)
Particulars As on 31st March 20XXSalary Wages and other benefitsSalary, Wages and other benefitsPension and other Retirement benefitsStaff Welfare expenses Administrative ExpensesMiscellaneous EstablishmentBonus & AllowanceBonus &AllowanceIncentivesMedical ExpensesGovt. Contribution to Pension fund (NPS)Fees & HonorariumWorkmen CompensationCost of Railway BoardTotal
Schedule 26 Power and Fuel(Figure in Rs.)
Particulars As on 31st March 20XX Diesel Traction (Demand 10)Total
Schedule 27 Repair and Maintenance(Figure in Rs.)
Particulars As on 31st March 20XX
A) StoresLocos (Demand 5)W (D d 6)Wagons (Demand 6)Coaches (Demand 6)EMU/DMU (Demand 6)Plant, Machinery and Equipment (Signal and Telecom) (Demand 7)Plant, Machinery and Equipment (Mechanical) (Demand 7)Plant, Machinery and Equipment (Electrical) (Demand 7)Plant, Machinery and Equipment (Electrical) (Demand 7)Tracks (Demand 4)Bridge/Tunnel (Demand 4)Building (Demand 4)Repair and Maintenance ‐ Others (Demand 4 to Demand 6)
B) Other than StoresLocos (Demand 5)Wagons (Demand 6)Coaches (Demand 6)EMU/DMU (Demand 6)Pl t M hi d E i t (Si l d T l ) (D d 7)Plant, Machinery and Equipment (Signal and Telecom) (Demand 7)Plant, Machinery and Equipment (Mechanical) (Demand 7)Plant, Machinery and Equipment (Electrical) (Demand 7)Tracks (Demand 4)Bridge/Tunnel (Demand 4)Building (Demand 4)Building (Demand 4)Repair and Maintenance ‐ Others (Demand 4 to Demand 6)
Total
Schedule 28 Operational Expenses (Figure in Rs.) Particulars As on 31st March 20XXParticulars As on 31st March 20XXLocomotives (Demand 8)Carriage and Wagons (Demand 8)Train Operations (Demand 9)Yard Operations (Demand 9)Station Operations (Demand 9)Other Operational Expenses (Demand 8 and Demand 9)Other Operational Expenses (Demand 8 and Demand 9)
Total
Schedule 29 Other Expenses (Figure in Rs.)Particulars As on 31st March 20XXSecurity ExpensesCompensation and Claim paidWorkmen compensationCatering ExpensesMisc. ExpensesLess: Outstanding expenses of Previous F Y and paid in Current F YLess: Outstanding expenses of Previous F. Y. and paid in Current F.Y.Add: Outstanding expenses of Current F.Y. and paid Next F.Y.Adjustment for increase in security depositAdjustment for Decrease in FSC ChargesIncrease in CUG recoverableDecrease in Pending commercial Claim
Total
Schedule 30 Changes in Inventories of Finished Goods, Stock in Process & Stock in Trade (Figure in Rs.) Particulars As on 31st March 20XX Opening InventoriesLess: Closing InventoriesOpening Inventories DieselLess: Closing Inventories DieselNet Consumption