NPF - 41 LL&MC.ppt

NON PUBLIC FUNDS GENERAL INSTRUCTIONS  FINANCIAL CANONS Every Officer who is responsible for incurring/ authorizing expenditure from NPFs is to be guided by following Financial Canons:-  The same vigilance in incurring expenditure from NPFs is to be exercised, as a person of...

NON PUBLIC FUNDS GENERAL INSTRUCTIONS  FINANCIAL CANONS Every Officer who is responsible for incurring/ authorizing expenditure from NPFs is to be guided by following Financial Canons:-  The same vigilance in incurring expenditure from NPFs is to be exercised, as a person of ordinary prudence would exercise while spending his own money.  The expenditure should not prima facie be more than what the occasion demands.  FINANCIAL CANONS  No authority should exercise its powers to sanction an expenditure, which will directly or indirectly be to its own advantage.  The amount from NPFs should not be utilised for the benefits of a particular person or a section of ship’s company except for the following purposes:-  The amount of expenditure involved is insignificant.  The expenditure is in pursuance of a recognised service policy or custom. OPENING & MAINTENANCE OF NON-PUBLIC FUNDS  NON-PUBLIC FUNDS  NPFs are the money granted / accrued from own resources.  Chapter 3, 27 & 28 of Regs Navy Part I stipulates the administration of NPFs. These are to be followed in letter and spirit.  Every officer holding a NPF is responsible for incurring or authorizing the expenditure very judiciously and higher sense of responsibility.  In no way, NPFs are to be treated differently from Public Funds and same vigilance is to be exercised whiles maintaining these funds.  NON-PUBLIC FUNDS  The purpose of maintaining NPFs in general is to promote the welfare of the personnel of the ships & establishments by private efforts.  Name of the some NPFs generally maintained on board ships / establishments :- (a) W/R Mess Fund (b) W/R Wine Fund (c) OWF (d) SWF (e) Canteen Fund (f) Sailors Mess Fund (g) Tambola Fund (h) Cinema Fund (j) CNPF (k) NORA Fund  OPENING OF NPFs  Except Officers’ Mess & Wine Fund, OWF and SWF, no NPF shall be opened without the written approval of the CO.  CO may authorize opening of any other fund in writing and report the same to the Admin Authority.  In ships where the total number of officers borne does not exceed four, the proposal for opening of any Fund, to be submitted to the AA for approval.  Renaming of the Fund may be done only with the prior approval of AA.  Opening of any type of discretionary fund is strictly prohibited.  OPERATING INSTRUCTIONS Operating Instructions of NPFs should cover the following:-  Authority for Opening Fund  Object / Purpose of Fund  Source of Income  Nature of Expenditure (Recurring & Non-Recurring Expenditure should be shown separately. Eg. Rates of wages, Hon, Salary, fixed expenditure etc.)  Accounting Officer (Rank/ Dept)  Supervisory Head / HOD  OPERATING INSTRUCTIONS  Financial Powers (Recurring & Non-Recurring Expenditure).  Bank Account and its Operation  Audit and its Periodicity  Documents to be maintained  Any other issue peculiar to the particular fund  Orders / Guidelines on operation / maintenance / audit of Fund (Chapters of Regs Navy, NOs on NPFs, Policy letters should be listed).  FINANCIAL POWERS – MONETARY LIMIT SER CFA LIMITS PER TRANSACTION (a) C-in-C/ VCNS Full Powers (b) COP/ COS 50,00,000-00 (c) CPS/ CSO(P&A) 15,00,000-00 (d) Heads of Organisations Headed by VAdm 10,00,000-00 (e) Heads of Organisations Headed by RAdm 7,50,000-00 (f) NOICs / COMCOS 5,00,000-00 (g) COs of ships/ Estab. & Oi/Cs/ Directors of Independent units of 3,00,000-00 the rank of Commodore (h) COs of ships/ Estab. & Oi/Cs/ Directors of Independent units of 2,00,000-00 the rank of Captain (j) COs of ships/Estab. & Oi/Cs/ Directors of Independent units of 1,00,000-00 the rank of Commander (k) COs of ships/Estab. & Oi/Cs/ Directors of Independent units of 50,000-00 the rank of Lt Cdr (l) COs of ships/Estab. & Oi/Cs/ Directors of Independent units of 20,000-00 the rank of Lt / SLt  EXPENDITURE METHODOLOGY  All expenditures will require the prior approval of the concerned CFA.  Procurement of items / services should normally be done on competitive basis.  Final decision wrt mode of procurement would be of CFA keeping best financial practices in consideration.  Any expenditure over and above the prescribed limits will require prior approval of the appropriate higher CFA in the chain of Command.  Splitting of transactions to bring it within the Financial Powers of any authority is strictly prohibited.  DELEGATION OF FINANCIAL POWERS Type of Financial Powers Remarks Expenditure Accounting Supervisory Officer Head Recurring Rs.10,000/- Rs. 20,000/- CFA approval to be obtained and recorded. All expenditure exceeding Rs. 20,000/- is to be approved by CO/ Controlling Officer Non-Recurring Rs.3,000/- Rs.10,000/- CFA approval to be obtained and recorded. All expenditure exceeding Rs. 10,000/- is to be approved by CO/Controlling Officer. Details of expenditure of Non-Recurring nature exceeding Rs. 50,000/- per transaction are to be intimated to the AA post audit along with Balance Sheet of each account.  CASH IN HAND  Oi/C Fund should not keep cash in hand more than the actual and immediate requirement. Excess cash is to be deposited in bank at the earliest opportunity.  As far as possible, mode of transaction for sales proceeds of Canteen items should be cashless.  If not possible, amount received on account of sales of Canteen items should be deposited in the Bank at an earliest opportunity without delay.  This would not only eliminate the risk of loss of NPF cash but also result in additional income by way of interest earned on Bank Deposits.  DOCUMENTS TO BE MAINTAINED The following documents are commonly maintained for all NPFs: Cash Account Book (IN-12) Detailed Instructions for Operating & Maintenance of NPFs Pass Book / Statement pertaining to Bank Account Balance Sheet File containing Audit Reports Payment / Receipt Vouchers Files in Original  DOCUMENTS TO BE MAINTAINED Property Ledger (PLL) Stock Ledger Correspondence File Record of Approval (Proposal-cum-Approval) Policy File – NPFs Suggestion and Complaint Book, as required  DOCUMENTS TO BE MAINTAINED In addition to the above, the following documents are also to be maintained for the respective fund:- WARD ROOM WINE ACCOUNT WARD ROOM MESS ACCOUNT Day Book (IN-453) Daily Bazaar Book Wine Book (IN-435) Bill Abstract Book Wine Card Extra Order Book CANTEEN ACCOUNT Meal Book Tradesman Account Diet Register Cash Deposit Register Stock Register Canteen Smart Cards Guest Register Stock Account Suggestion and Complain Book Daily Sales Book Minutes of the Mess Meeting Wardroom Mess Rules  PROFIT PERCENTAGE AND ITS DISTRIBUTION  Profit Percentage. The profit is to be charged uniformly on sale of items by canteens operated by afloat units and which are not registered with CSD to be as under:-  All items other than Liquor/Bonded items 5%  Liquor/ Bonded Items 10% URCs which are Registered with CSD and allocated URC Code, are to charge profit on sale of items in accordance with guidelines promulgated by IHQ MoD(Army)/QMG’s Branch/ DDGCS. TRANSFER OF CANTEEN PROFIT BY IN SHIPS/ ESTAB.  CO/Controlling Officer is the Competent Authority for transfer of Profit from Canteen Account to other NPFs in the following manners:- (a) Officers Welfare Fund 25%  (b) Sailors’ Welfare Fund 65%  (c) To be retained to build-up Canteen Capital 10%  In case units operating Civilian Welfare Fund or Nursing Officer Welfare Fund or both and canteen facilities are being utilized by them, canteen profit shall be distributed as under:- (a) Civilian Welfare Fund 5% (b) Nursing Officers Welfare Fund 10% NOTE: THE SHARE OF SAILORS WELFARE FUND SHALL CORRESPONDINGLY BE REDUCED.  TRANSFER OF CANTEEN PROFIT BY NAD/ND/MOs.  Where large number of Civilian employees and DSC personnel contribute towards Canteen profits, the following percentage distribution is to be followed:- (a) Unit Welfare Fund 45%  (b) Officer’s Welfare Fund 10%  (c) DSC Regimental Fund 25% (d) To be retained to build up Canteen Capital 20%  In case units operating Civilian Welfare Fund or Nursing Officer Welfare Fund or both and canteen facilities are being utilized by them, canteen profit shall be distributed as under:- (a) Civilian Welfare Fund 5% (b) Nursing Officers Welfare Fund 10% NOTE: THE SHARE OF UNIT WELFARE FUND SHALL CORRESPONDINGLY BE REDUCED.  MAINTENANCE OF NPFs INTER FUND Except distribution of canteen profit, Inter- TRANSFER Fund Monetary transfer is to be avoided as a rule. However, if deemed absolutely necessary, it is to be done with prior approval of Admin Authority. Surprise checks are to be carried out once in quarter for all NPFs by the CO or Board of SURPRISE Officers nominated by the CO. CHECK Apart from CO’s surprise muster, CLOGO may also carry out the surprise checks of all NPFs at least once in a financial year.  UNIT RUN CANTEEN (URC) Sanction to run the Unit Run canteen is to be accorded by the AA and after sanction, the URC is to be registered with CSD. AA will forward copy of sanction to CSD, with a copy to concerned Unit, certifying that personnel availing the facilities is not less then 100.  Canteen may be setup by obtaining loan from CSD. A Canteen Committee shall be established consisting of officers and Ships Company representatives, nominated by the CO with EXO as ‘ex-officio “President”. Canteen Committee should meet as often as necessary and in any case, at least once in six months.  SHIP’S CANTEEN Ship’s Canteen is opened with the approval of CO. Set up by securing financial assistance from INAF maintained at IHQ MoD (Navy).  The loan is to be utilized for Canteen purpose only. Demand stores from the INCS. Duty free goods will only be supplied after the demands are spproved by the respective AA. Separate Register for Complementary items to be maintained and its distribution to Depts with approval of CO.  DUTIES OF CANTEEN COMMITTEE 1. Monitor day-to-day management of Canteen. 2. Assist in efficient administration of Canteen and render advice. 3. Carry out Snap Checks of stock/ records. 4. Suggest action for improvement of service/ supply chain. 5. Investigate complaints, if any.  CREDIT FACILITES 1. No credit facility is to be extended to individual Officers, Sailors & Civilian Personnel. 2. However, credit sales to other NPFs of the unit/ ship are permitted. 3. Credit facility extended to other NPFs are to be liquidated in the first week of the following month.  QD – QUANTITATIVE DISCOUNT Admissible to all URCs based on the value of specified stores purchased in previous year. QD will be issued to the URCs in the form of Credit Note. A separate account termed ‘CSD-QD Account’ will be maintained by URCs. The amount will be utilized for provision of additional amenities and welfare activities as outlined in the guidelines.  QD – QUANTITATIVE DISCOUNT Quarterly Audit. Fund to be audited by Board of Officers every quarter. Annual Audit. Annual audit by a registered Chartered Accountant Firm. Utilisation of QD:- Scholarship to deserving children Grant to War Veterans and their Widows Medical Emergency cases Welfare Schemes/ activities  ROLE OF ANNUAL INSPECTION 1. The Funds are maintained as per the prescribed rules, regulations, instructions etc. 2. Regular Audits are being conducted. 3. Stock Legers are properly maintained and requisite certificate wrt regular muster and property endorsed. 4. Operating Instructions laying down powers of AO & CFA have been promulgated. 5. Large sums of cash are not being kept in Hand by delaying the deposit the same in the bank.  RESPONSIBILITIES OF COMMANDING/ CONTROLLING OFFICER  Ensure that operating instructions are revised and adhered to for the administration of various NPFs including Canteen.  He shall appoint Accounting Officers for each NPFs and also nominate suitable sailors to carry out supervisory duties such as Canteen Manager and Asst. Canteen Manager to function under the AO.  Demand and Shipping bills in respect of all duty free goods are to be signed by CO.  Ensure that Financial Canons are strictly adhered to while incurring expenditure on procurement of stores/property items etc.  RESPONSIBILITIES OF COMMANDING/ CONTROLLING OFFICER  Promulgate duties of AO/Sailor-in-Charge, Clerks through CTMs.  Ensure all major NPFs are administered and held by Officers having adequate expertise, experience and maturity.  Carryout physical verification and mustering of cheques and cash during monthly closing/surprise checks.  Ensure that all NPFs are audited regularly and Audited Balance Sheets submitted to AA on due dates.  Ensure that surprise check of cash in NPFs is carried out as frequently as possible and certainly at least once in a quarter.  RESPONSIBILITIES OF ACCOUNTING OFFICER  Efficient administration and running of the NPF.  Safe custody of cash, cheque books, stores and preservation of stores/stock.  Ensure that heavy cash balance are not retained.  Ensure safe custody of books, accounts and other documents.  Handing/taking over of duties must be carried out to the due care and all relevant certificates should be signed  Report of handing/taking over is to be made to CO.  DUTIES OF SAILOR APPOINTED AS IN-CHARGE  Day to day management and administration.  Ensuring proper measures for safety of cash till it is handed over to the Accounting Officer.  Ensuring that all books related to Fund are properly maintained.  Production of all books of accounts alongwith complete vouchers to the satisfaction of the audit board.  Immediate bring to the notice of Accounting Officer/Commanding Officer any irregularity or loss. DOCUMENTS BEING POORLY HANDLED  CASH ACCOUNT BOOK  PROPERTY LEDGERS  STOCK BOOKS  PROPOSAL / APPROVAL REGISTER  MAINTENANCE OF CASH ACCOUNT  Cash account book (IN-12) be maintained for each fund showing receipts on one side and payments on the other.  Separate cash account be maintained for each subsidiary fund.  An extract of Operating Instructions be pasted on the inside cover.  All entries in the Cash Accounts Book to be legible and neatly written.  MAINTENANCE OF CASH ACCOUNT  No over writing is permitted.  Any correction made in the Cash Account Book is to be neatly scored through and the correct entry is to be made on the top of scored entry and attested with full signature by the Accounting Officer.  Receipt and Payment vouchers are to be serially numbered date/ month wise.  Monthly, Half Yearly Audit and Surprise Muster Certificates are to be endorsed as per format laid down.  MAINTENANCE OF CASH ACCOUNT  On change of AO of the Fund, Cash in hand, Cash in bank and cheque books are to be physically checked.  Cash in hand, at any time is not to exceed the prescribed limit as per Operating Instructions.  Bank Reconciliation Statement is to be written on closing of account at the end of every month.  Authentication of entries. When cash book is written by a person other than the AO, each entry should essentially be initiated by the AO.  MAINTENANCE OF CASH ACCOUNT  Every time whenever the account is closed, it is to be countersigned by the CO.  Contra entries for the cheques/cash deposited in the bank is to be made as per laid down regulations.  Cheque numbers are to be invariably mentioned whilst making receipt/payment entries in the cash account book.  Correction/amendments are not permitted and to be avoided.  LEDGERS The following points will be useful in proper maintenance of Ledgers:- Prepare indexed list of items & insert on first page Insert custodian certificate Insert muster certificate (audit & handing/ taking over) Separate ledger for Permanent and Consumable items.  LEDGERS Separate ledger page for each item indicating date of purchase, cost price & its location / distribution/ transfer etc. Items of similar description are to be taken on charge on the same page, if the cost price does not vary. Full details of items that constitute more than one unit e.g. Silver plates, bowls, spoons etc. Update ledgers on receipt of new items and on writing off.  LEDGERS Remove ledger pages with Nil stock & transfer to dead ledger. Physically sight items at the time of muster. Ascertain state of item – usable or defunct. Check balance stock and its total value at the time of muster. Full description of items (with dimension, quality, material etc)  DEPRECIATION Ser Nomenclature % Dep. 1. Pmt. Stores/ Furniture and fittings including electric 5% Every six months fittings 2. Steel Furniture / Equipment & Appliances 2.5% Every six months 3. Linens 20% Every six months 4. Cutlery 5% Every six months 5. Consumable Stores including Sports Goods, No Depreciation Books, Glassware & Crockery 6. Plastic Molded Items 10% Every six months 7. Valuable Items like precious metal and silver etc. No Depreciation 8. Vehicles 10% Every six months 9. Buildings As per prevailing MES Rules 10. Rubber Items 10% Every six months 11. Items not covered above CFA to decide at induction stage.  DEPRECIATION  Total value of property written off in half yearly audit period shall not exceed the financial powers vested with each authority.  In case writing off property value more than the CFA’s powers shall be submitted to the next higher authority.  The % of depreciation indicated above is only a guideline and maximum depreciation is not mandatory.  Any loss of an item due to negligence is to be valued at the replacement cost and recovery is to be effected accordingly.  No depreciation is allowed on mess-traps supplied by the Govt.  If any item is rendered unserviceable, the Audit Board is to recommend its residual value to be written off.  DOs  Ensure operating / accounting instructions issued for all Funds and copy pasted in the beginning of the Cash Account Book.  Ensure Mess/ Wine and Canteen bills are cleared by the Officers by 10th of the following month.  Ensure that profit is charged at the same rate from all personnel. The percentage of profit is to be notified by a Memo.  Ensure reconciliation of bank accounts whenever account is closed for handing / taking over, surprise check or audit and it is to be endorsed and signed by AO.  DOs  Ensure prior approval of Admin Authority when expenditure in excess of the upper limits is incurred.  Ensure no Ty Loan of cash is given to any Officer/ Sailor except in extreme pressing circumstances and that too with the written permission of the CO.  Ensure personnel are not permitted to retain NPFs Money with them except when actually required for immediate purchase. .  DOs  Ensure all transactions which are within the financial powers of the CO / Supervisory Head are duly recorded in the Approval Register for each fund.  Ensure prior approval of Admin Authority when expenditure in excess of the upper limits of the prescribed Financial Powers.  Ensure that surprise check of cash in each NPF including canteen account is carried out regularly and at least once in a quarter by the CO or Board of Officers appointed by the CO.  DON’Ts  Cash holding are to be restricted to minimum limits is incurred.  Cash received on account of sales etc is to be deposited in bank at the earliest available opportunity.  No gifts are to be accepted by any individual except as prescribed in Regulation 0123, 0125 and 0126 of Regs Navy Part I.  No unauthorized / unofficial discretionary NPF account is permitted to be maintained by the ship/estab.  DON’Ts  Junior Officers/Staff are not to be entrusted with the responsibility of Accounting Officers of Major NPFs involving heavy transactions / amount.  Avoid heavy expenditure from NPFs such as OWF and SWF for private get-together / parties, Pre- Lunch Drinks etc.  Avoid generation of more income for NPFs by unfair means.  Not to encash private cheques from NPFs.  No Liquor (both Bonded and Indian) is to be issued to Officers in bottles on board ships (Regulation 2717(2) of Regs Navy Part I)  DON’Ts  Not to incur expenditure from NPFs where an item can be procured from Public Funds under existing Govt. orders.  Avoid overstocking of items, particularly low turnover and short shelf life items.  No credit facilities are to be offered out of NPFs to the Officers, Sailors and entitled Civilian Personnel.  Any Query I AUDIT OF NPFs  ROLE OF AUDIT  To carry out an independent investigation to ascertain that the balance sheet of a particular fund or Account truly reflects its financial state and position.  Examination of a balance sheet together with the relevant books, accounts and vouchers to ensure that the statement of account reflects the correct state of affairs of the particular fund.  ROLE OF AUDIT  Auditing is never to be regarded as an irksome and unnecessary task, nor as an impertinent inquisition into the capability or integrity of person responsible for the fund.  AO responsible for the fund, should welcome regular and thorough auditing as a re-assurance that all is well and that they have not overlooked some error in accounting or discrepancy in their stock.  ROLE OF AUDIT  Inspection by CLOGO and other Officers do not constitute audits but are merely intended to ascertain whether accounts are kept in the prescribed manner.  OWF, OMF & Officers Wine Fund are to be audited by Officers only.  Other funds may be audited by PO & Above as members.  ROLE OF AUDIT  No Audit Board Member or President is to be nominated for auditing of more than Three Funds in Ships of OPV/Corvette Class and below.  Member/President is to be nominated for auditing of not more than two funds in all other ships/ establishment in the same audit period.  In case of inadequate number of officers available in a unit, the Ops Authy/Area Cdr/AA may constitute audit boards/nominate Audit Board members from other units.  Audit Board must jointly carry out the audit.  WHY THREE PERSONS REQUIRED TO AUDIT AN ACCOUNT  One person can be Casual - Not all three  Division of Labour  To ensure that if one person Misses - other Notices  BALANCE SHEET  A Balance Sheet is defined as statement of Liabilities and Assets as on the date the account is closed for Audit.  Balance Sheet of a fund duly audited and approved by the CO, is to be forwarded to AA on the last day of the month following the audit period of closing of the said fund.  BALANCE CREDITOR Reflects Health of the Fund during the Half Year. Rise/fall (increase/decrease) depends on:-  Income / profit earned  Expenditure incurred  Property Written Off  SCRUTINY OF BALANCE SHEET Check the name of the Fund and the period to which the balance sheet pertains to are written/ typed on top. The date on which the balance sheet is finalised and signed by the Audit Board is to be indicated.  SCRUTINY OF BALANCE SHEET LIABILITIES Check that all Outstanding Bills and accounts are correctly reflected. Check that “Owing to” reflected in one account tallies and reconciles with “Owing from” in other account as reflected in the respective Balance Sheets of related accounts. The entries are to be shown with complete details i.e. Owing to Mailman on account of Hon. For the month of Mar 20.  SCRUTINY OF BALANCE SHEET ASSETS Check money in “Cash in Hand” as reflected in the “Assets” column of Balance Sheet. Check cash balance as shown in the Bank with bank passbook/statement of account. Verify that the bank passbook/bank statement is up-to- date. Check Bank Reconciliation Statement prepared by the Accounting Officer.  SCRUTINY OF BALANCE SHEET ASSETS Check Value of Stock. Ensure that entire certificate on the reverse side of Balance Sheet is completed. Reasons for Abnormal Increase/Decrease in Balance Creditor. Auditors should call attention to any undue profits or excessive charges/expenditure etc.  COMMON ERRORS 1. Operating instructions are not held in cash account. If held, these are not prepared comprehensively covering all aspects of operation and maintenance of the fund. 2. Closing/muster certificates are not endorsed as per NO(Spl) 02/2019. 3. A number of over-writings / erasures and corrections made using correcting fluid. 4. Correct procedure for handing/taking over is not followed.  COMMON ERRORS 5. Items written off in previous half year are not removed / charged off from PLLs / Stock. 6. Depreciation on items is charged off incorrectly. 7. Item Number for Receipts/ Payments are not written in Cash Account as well as on vouchers. 8. Bonded goods are not entered in gangway books or not taken on charge.  COMMON ERRORS 9. Surprise muster of Cash not carried by Commanding Officer at least once in a quarter. 10. Minor Receipts are clubbed as “Sundry Income” and Minor Expenditure are clubbed as “Miscellaneous Expenditure”. 11. Poor maintenance of Ledgers. 12. Incorrect entries in Cash Account Book. 13. Cash holdings are not being restricted to minimum.  COMMON ERRORS 14. Cash received on account of sales are not being deposited in the bank at the earliest to earn the interest. 15. Balance Sheets are not being prepared as per NO(Spl) 02/2019. 16. Balance Sheets are received late view delay in submission of analysis by Audit Members as well as Board President.  COMMON ERRORS 18. List of Owings From/To not enclosed with the Balance Sheets. 19. Amount of Owing From officers not tallying with the Subsidiary Balance Sheets. 20. Items written off from VOP during current Half Year however, not recommended during previous Half Year by board members. 21. VOP/Stock not being rounded off to nearest Rupee. 22. Ensure all transactions to be within the Financial Power of the CO/Supervisory Head/AO. INCREASE IN BALANCE CREDITOR ASSETS > LIABILITIES DECREASE IN BALANCE CREDITOR ASSETS < LIABILITIES  SOME CORRECTIVE MEASURES 1. AVOID HEAVY EXPENDITURE TOWARDS PARTIES/ GET TOGETHER/PICNIC. 2. PARTIES/GET TOGETHER/ PICNICS BE UNDER TAKEN THROUGH CONTRIBUTIONS. 3. FREQUENT EVENTS ARE TO BE AVOIDED. 4. PURCHASE OF NON-ASSET ITEMS THROUGH PUBLIC FUND IF POSSIBLE, ARE TO BE UNDERTAKEN  BALANCE SHEET Prepare a Balance Sheet in respect of Sailors Welfare Fund, INS Hamla for the period from 01 Jan 21 to 30 Jun 21 from the details as mentioned below :- Cash in Hand as on 30 Jun 21 2000.00 Cash in Bank as on 30 Jun 21 20000.00 Fixed Deposit with SBI Malad 50000.00 Value of Property (VOP) as on 30 Jun 21 50000.00 Owing to M/s Kumkum Traders for previous HYE 5000.00 Owings from Canteen towards Share Profit for Jun 21 15000.00 Salary due to Watchman for Jun 21 2000.00 Salary Paid to Watchman for Apr & May 21 4000.00 Honorarium to be paid to In-Charge SWF for Jun 21 1000.00 Honorarium paid to In-Charge for Apr & May 21 2000.00 Balance Creditor for Previous HYE 31 Dec 20 123000.00  BALANCE BALANCE SHEET SHEET Name of the Fund : Sailors Welfare Fund Period of the Audit Q.E. 30 Jun 21 Liabilities Amount Assets Amount Owings to : Cash in Hand 2000.00 M/s Kumkum Traders for previous HY 5000.00 Cash in Bank 20000.00 Salary due to Watchman for Jun 21 2000.00 Fixed Deposits 50000.00 Hon. due to In-Charge for Jun 21 1000.00 Value of Property 50000.00 Canteen Profit 15000.00 Balance Creditor 129000.00 Balance Debtor -- Total 137000.00 Total 137000.00 Balance Creditor as on 30 Jun 21 = Rs.1,29,000.00 Balance Creditor as on 31 Decc 20 = Rs.1,23,000.00 Increase in Balance Creditor = Rs. 6,000.00 INCOME/ EXPENDITURE STATEMENT BALANCE SHEET Period of the Audit Q.E. 30 Jun 21 Income Amount Expenditure Amount Owings from Canteen 15000.00 Salary paid to Watchman 4000.00 towards Share profit for for Apr & May 21 HYE Jun 21 Hon. paid to In-Charge for 2000.00 Apr & May 21 Owing to Watchman 2000.00 towards Salary for Jun 21 Owings to In-Charge 1000.00 towards Hon. for Jun 21 Total Balance Creditor as15000.00 on 30 Jun Total21 = Rs.1,29,000.00 9000.00 Income = Rs.15,000.00 Expenditure = Rs. 9,000.00 Income – Expenditure = Profit = Rs. 6000.00 Thanks