(Amount in Rs.)
PARTICULARS NOTE NO. As at 31st March 2020 As at 31st March 2019
I. SOURCES AND LIABILITIES
(1) Reserves & Surplus
(a) Reserve & Surplus 1 8,60,315 8,70,077
(b) Earmarked Funds 2 - -
SUB-TOTAL (1) 8,60,315 8,70,077
(2) Non- Current Liabilities
(a) Long Term Borrowings - -
(b) Long Term Liabilities - -
(c) Long Term Provisions - -
SUB-TOTAL (2) - -
(3) Current Liabilities
(a) Short Term Borrowings - -
(b) Sundry Creditors 3 - -
(c) Other Current Liabilities 4 46,079 11,800
(d ) Short term Provisions 5 1,702 2,608
SUB-TOTAL (3) 47,781 14,408
TOTAL (1+2+3) 9,08,096 8,84,485
II. ASSETS
(1) Non-current Assets
(a) Fixed Assets 6
(i) Tangible Assets 2,65,934 81,776
(ii) Intangible Asssets - -
(iii) Capital Work in Progress - -
(iv) Intangible Assets under development - -
SUB-TOTAL (a) 2,65,934 81,776
(b) Non-current Investments 7 3,67,410 2,75,449
(c ) Long Term Loan and Advances - -
(d) Other Non-Current Assets - -
SUB-TOTAL (1) 6,33,344 3,57,225
(2) Current Assets
(a) Current Investments 8 - 4,04,252
(b) Inventories 9 - -
(c ) Sundry Debtors 10 6,792 4,127
(d) Cash and Cash Equivalents 11 1,55,460 68,881
(e) Short terms Loans and Advances 12 - -
(f) Other current Assets 13 1,12,500 50,000
SUB-TOTAL (2) 2,74,752 5,27,260
TOTAL (1) + (2) 9,08,096 8,84,485
ACCOUNTING POLICIES AND OTHER NOTES TO THE ACCOUNTS 20-
Notes referred to above form an integral part of the Balance Sheet.
As per our report of even date.
For Kiranjeet & Associates (Kushal Kumar) (Hardeep Singh Nijher) (Pranav Khanna)
Chartered Accountants Chairman Vice Chairman
FRN : 021642N
(Shivali Gupta) (Harshit Arora)
(Kiranjeet Kaur) Secretary Treasurer
Proprietor
Membership No. 098876
Place : Ludhiana
Date : 22.06.2020
LUDHIANA CHAPTER OF NIRC OF ICSI
BALANCE SHEET AS AT 31st MARCH, 2020
For LUDHIANA CHAPTER OF NIRC OF ICSI
Regional Director
/ Executive
Officer /Office
Incharge
(Amount in Rs. )
As at 31st March 2020 As at 31st March 2019
INCOME
Income from Activities 14 4,58,104 4,02,022
Interest on Investments 30,446 42,872
Other Income 15 1,36,223 91,282
TOTAL INCOME 6,24,773 5,36,176
EXPENDITURE
Employee Benefit Expense 16 - -
Oral Eduction Expense - -
Travelling and Conveyance Expense 17 13,420 15,445
Programmes / Seminars Expense 18 3,68,751 3,13,215
Career Awareness and Promotion Expense - -
Depreciation & Amortization 34,307 31,437
Other Expenses 19 4,36,522 1,37,725
TOTAL EXPENDITURE 8,53,000 4,97,822
Surplus/(Short) before extraordinary & exceptional items (2,28,227) 38,354
Add / Less : Extra Ordinary Items
Add / Less : Exceptional Items
Surplus on Disposal of Assets
Loss on sale /Disposal /write-off of Assets
Prior period expenses (net)
Surplus after extra ordinary & exceptional items
Appropriation to Funds / Reserves :
(i)
(ii)
(iii)
TOTAL APPROPRIATIONS - -
Balance transferred to General Reserve (2,28,227) 38,354
TOTAL (2,28,227) 38,354
ACCOUNTING POLICIES AND OTHER NOTES TO THE ACCOUNTS 20
Notes referred to above form an integral part of the
Income & Expenditure A/c.
As per our report of even date annexed.
For Kiranjeet & Associates (Kushal Kumar) (Hardeep Singh Nijher) (Pranav Khanna)
Chartered Accountants Chairman Vice Chairman
FRN : 021642N
(Kiranjeet Kaur) (Shivali Gupta) (Harshit Arora)
Proprietor Secretary Treasurer
Membership No. 098876
Place : Ludhiana
Date : 22.06.2020
Regional
Director /
Executive Officer
/Office Incharge
LUDHIANA CHAPTER OF NIRC OF ICSI
INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31st MARCH 2020
For the year ended PARTICULARS Note No.
For LUDHIANA CHAPTER OF NIRC OF ICSI
LUDHIANA CHAPTER OF NIRC OF ICSI
RESERVES & SURPLUS Note - 1
(Amount in Rs. )
PARTICULARS As at 31st March 2020 As at 31st March 2019
(1) GENERAL RESERVE
As per last Balance Sheet 6,91,624 6,53,270
SURPLUS/(SHORT) (As per Income & Expenditure A/c)
(2,28,227) 38,354
Sub-Total (1) : 4,63,397 6,91,624
(2) OTHER THAN GENERAL RESERVES, IF ANY
(2A) BUILDING RESERVE
As per last Balance Sheet
Add : Interest
Add : Donations
Add : Transfer from Reserves
Add : Transfer from I&E Account
Less : Utilisation / transfer (mention specific purpose/nature)
Sub-Total (2A) : - -
(2B) LIBRARY RESERVE
As per last Balance Sheet
Add : Interest
Add : Donations
Add : Transfer from Reserves
Less : Utilisation / transfer (mention specific purpose/nature)
Sub-Total (2B) : - -
(2C) INFRASTRUCTURE RESERVE
As per last Balance Sheet
Add : Interest
Add : Donations
Add : Transfer from Reserves
Add : Transfer from I&E Account
Less : Utilisation / transfer (mention specific purpose/nature)
Sub-Total (2C) : - -
(2D) OTHER RESERVE
As per last Balance Sheet
Add : Interest
Add : Transfer from Reserves
Add : Transfer from I&E Account
Less : Utilisation / transfer (mention specific purpose/nature)
Sub-Total (2D) : - -
TOTAL (2) : - -
(3) CONTRIBUTION TO /FROM TOWARDS LAND & BLDG / OTHER
ASSETS
Add : Contribution (Liabilities)
Balance of the P/ Year 1,78,453 1,34,453
Current Year 2,18,465 44,000
Less : Contribution (Assets)
Balance of the P/ Year - -
Current Year - -
TOTAL (3) : 3,96,918 1,78,453
Total : (1)+(2) +(3) : 8,60,315 8,70,077
LUDHIANA CHAPTER OF NIRC OF ICSI Note - 2
EARMARKED FUND
(Amount in Rs. )
2019-20 2018-19 2019-20 2018-19 2019-20 2018-19
As per last Balance Sheet
Add: Contribution during the year
Add: Transfer from Gen Reserve
Add: Receipts during the year
Add: Interest allocation
Sub-Total : - - - -
Less: Transfer to GR on utilisation
Less: Utilised during the year
Balance as at the close of the year - - - - - -
PARTICULARSINFRASTRUCTURE FUND
ENDOWMENT FOR
PRIZE AWARD FUNDTOTAL AMOUNT
LUDHIANA CHAPTER OF NIRC OF ICSI
NOTE - 3
SUNDRY CREDITORS (Amount in Rs.)
PARTICULARS As at 31st March 2020 As at 31st March 2019
Sundry Creditors
- For Goods & Services - -
- Others
- Inter Unit Balance (for details pl see below) 6,792-
Total : 6,792- -
Inter Unit Balance (Amount in Rs.)
PARTICULARS As at 31st March 2020 As at 31st March 2019
Payable to HQ
- Sales Proceeds of HQ Publications -
- Advance from HQ -
- Others, if any
- -
Receivable from HQ
- Reimbursement 2,617
- TDS (year-wise) 4,175 4,127
6,792 4,127
Total : (6,792) 4,127-
NOTE - 4
OTHER CURRENT LIABILITIES (Amount in Rs.)
PARTICULARS As at 31st March 2020 As at 31st March 2019
Other Current Liabilities
(i) Fee received in advance from Members -
(ii) Fee received in advance from Students -
(iii) Security Deposits -
(iv) Other Current Liabilities
- Audit Fee Payable 9,450 9,440
- GST Payable 2,088 -
- TDS Payable 7,228 -
- ROCHE Payable 3,453
- Sahil Khurana 22,680
- Professional Charges 1,180 2,360
Total : 46,079 11,800
NOTE - 5
SHORT TERM PROVISIONS (Amount in Rs.)
PARTICULARS As at 31st March 2020 As at 31st March 2019
(i) Expenses Payable
a) Telephone Expenses Payable 580 1,498
b) Electricity Expenses Payable 1,122 1,110
c)
(ii) Provision for Expenses
a)
b)
c)
Total : 1,702 2,608
LUDHIANA CHAPTER OF NIRC OF ICSI
FIXED ASSETS
( Amount in Rs.)
Gross Block Net Block
Cost Adjustment/ Total cost Total For the Adjustment/ Total as on as on
as on Transfer/Sale as on as on Year Transfer/ as on 31.3.2020 31.3.2019
1.4.2019 31.3.2020 1.4.2019 Sale 31.3.2020
(i) Tangible Assets
Furniture & Fixtures 10% 5,565 2,06,466 - 2,12,031 4,281 15,102 19,383 1,92,648 1,284
Computer Peripherals 40% 1,38,022 - 1,38,022 1,11,645 10,551 1,22,196 15,826 26,377
Cooling Equipment 15% - - -
Electrical Equipment 15% - - -
Office Machines and - - -
Communication Equipment 15% - - -
Other Equipment 15% 85,325 11,999 97,324 31,210 8,654 39,864 57,460 54,115
Library Books 100% - -
Assets Less Than 5000/- 100% 19,654 - 19,654 19,654 - 19,654 - -
Vehicles 20% - - -
Current Year Total (i) 2,48,566 2,18,465 - 4,67,031 1,66,790 34,307 - 2,01,097 2,65,934 81,776
Previous Year Total (i) 1,97,546 51,020 - 2,48,566 1,35,353 31,437 - 1,66,790 81,776 62,193
(ii) Intangible Assets
ERP Software 1/3 - - -
Current Year Total (ii) - - - - - - - - - -
Previous Year Total (ii) - -
Current Year Total (i+ii) 2,48,566 2,18,465 - 4,67,031 1,66,790 34,307 - 2,01,097 2,65,934 81,776
Previous Year Total (i+ii) 1,97,546 51,020 - 2,48,566 1,35,353 31,437 - 1,66,790 81,776 62,193
FIXED ASSETS (Capital work in progress)
Cost Additions Adjustment/ Total cost
as on Transfer/ as on
1.4.2019 Sale 31.3.2020
(iii)
- - - -
- - - -
(iv)
- - - -
- - - -
Gross Block
Intangible Assets under development
Computer Software
Current Year Total (iv)
Previous Year Total (iv)
Items
Capital Work in Progress
Land under acquisition
Buildings under construction
Current Year Total (iii)
Previous Year Total (iii)
NOTE - 6
Items
Depreciation / Impairment
Additions
Rate of
Depreci
ation
LUDHIANA CHAPTER OF NIRC OF ICSI
NON CURRENT INVESTMENTS (Amount in Rs.)
AS ON AS ON
01.04.2019 31.03.2020
I
- - - -
II
- - - -
III
- - - -
IV
(A)
(i) 2,75,449 91,961 - 3,67,410
- - - -
2,75,449 91,961 - 3,67,410
(B)
- - - -
(C)
- - - -
TOTAL IV : 2,75,449 91,961 - 3,67,410
TOTAL (I+II+III+IV) : 2,75,449 91,961 - 3,67,410
OTHERS (Specify nature)
Fixed Deposits with institutions other than Banks
Fixed Deposits in Banks
Corporation Bank
NOTE - 7
ADDITIONS DELETIONSPARTICULARS
SUB-TOTAL(I) :
INVESTMNET IN GOVT. SECURITIES
SUB-TOTAL(III) :
SUB-TOTAL (IV-A) :
SUB-TOTAL (IV-B) :
SUB-TOTAL (IV-C) :
INVESTMENT IN DEBENTURES / BONDS
INVESTMNET IN MUTUAL FUNDS
SUB-TOTAL(II) :
OTHER NON-CURRENT INVESTMENTS
LUDHIANA CHAPTER OF NIRC OF ICSI
CURRENT INVESTMENTS (Amount in Rs.)
AS ON AS ON
01.04.2019 31.03.2020
I
- - - -
II
- - - -
III
- - - -
IV
(A)
(i) 4,04,252 - 4,04,252 -
(ii) - - - -
(iii) - - - -
4,04,252 - 4,04,252 -
(B)
- - - -
(C)
- - - -
TOTAL IV : 4,04,252 - 4,04,252 -
TOTAL (I+II+III+IV) : 4,04,252 - 4,04,252 -
SUB-TOTAL (IV-B) :
OTHERS (Specify nature)
SUB-TOTAL (IV-C) :
INVESTMENT IN DEBENTURES / BONDS
SUB-TOTAL(II) :
INVESTMNET IN MUTUAL FUNDS
SUB-TOTAL(III) :
OTHER - CURRENT INVESTMENTS
Fixed Deposits with institutions other than Banks
NOTE - 8
PARTICULARS ADDITIONS DELETIONS
SUB-TOTAL(I) :
INVESTMNET IN GOVT. SECURITIES
Fixed Deposits in Banks
Corporation Bank
SUB-TOTAL (IV-A) :
LUDHIANA CHAPTER OF NIRC OF ICSI
NOTE - 9
INVENTORIES (Amount in Rs.)
PARTICULARS
Publications (RO / Chapters own)
Consumables, Stores & Others (RO / Chap own)
Total : - -
NOTE - 10
SUNDRY DEBTORS (Amount in Rs.)
PARTICULARS
Sundry Debtors outstanding for more than six months
Secured, considered good
Unsecured, considered good
Doubtful
Less : Provision for Bad and Doubtful advance
SUB-TOTAL (a)
Others Sundry Debtors
Secured , considered good
Unsecured , considered good
Doubtful
Less : Provision for Bad and Doubtful advance
Inter Unit Balance - 4,127
SUB-TOTAL (b)
Total : - 4,127
NOTE - 11
CASH AND CASH EQUIVALENTS (Amount in Rs.)
PARTICULARS
Balances with Bank (Including linked term deposits) 1,44,520 68,296
Cheques / Drafts / Postal Orders / Stamps /
Franking Units in hand
Cash in hand 10,940 585
Total : 1,55,460 68,881
As at 31st March 2020 As at 31st March 2019
As at 31st March 2020 As at 31st March 2019
As at 31st March 2020 As at 31st March 2019
LUDHIANA CHAPTER OF NIRC OF ICSI
NOTE - 12
SHORT TERM LOANS AND ADVANCES (Amount in Rs.)
PARTICULARS
SHORT TERM LOANS AND ADVANCES
Secured, considered good
-
-
Unsecured, considered good
-
-
Doubtful
Less : Provision for Bad and Doubtful advance
Total : - -
NOTE - 13
OTHER CURRENT ASSETS (Amount in Rs.)
PARTICULARS
OTHER CURRENT ASSETS
Accrued Interst on Current Investments
Accrued Interst on Non-Current Investments
Prepaid Expenses 12,500
Security Deposit 1,00,000 50,000
GST
TDS 0 -
Recoverable from Parties / Vendors (with break up)
Total : 1,12,500 50,000
As at 31st March 2020 As at 31st March 2019
As at 31st March 2020 As at 31st March 2019
LUDHIANA CHAPTER OF NIRC OF ICSI Note -14
INCOME FROM ACTIVITIES (Amount in Rs.)
Income from Students
Oral Education Fee - -
Other Fees :
Library Annual Subscription
Library Fine - -
Sale of Publications (RC /Chap own)
Programmes / Seminars
From Members 1,07,104 2,00,522
-
- 1,07,104 2,00,522
From Students
- Students Training Programmes 3,51,000 2,01,500
- Others 3,51,000 2,01,500
Total : 4,58,104 4,02,022
PARTICULARSFor the year ended
31st March 2020 31st March 2019
LUDHIANA CHAPTER OF NIRC OF ICSI
Note -15
OTHER INCOME (Amount in Rs.)
Subscription to Newsletter
Incentive on Investments
Investor Awarness Programmes
Provision no longer required, written-back
Donations - General
Rent
Grants received from Headquarters 1,33,507 90,629
Grants received from Regional Office - -
Unpaid Security Deposits / EMD / Retention Money/
Stale Cheques
Discount & Rebate 16
Miscellaneous Income 2,700 653
Total : 1,36,223 91,282
PARTICULARSFor the year ended
As at 31st March 2020 As at 31st March 2019
LUDHIANA CHAPTER OF NIRC OF ICSI
Note -16
EMPLOYEE BENEFIT EXPENSE (Amount in Rs.)
Salaries and Allowances
a)
b)
c)
Staff Welfare
a)
b)
c)
TOTAL - -
Note -17
TRAVELLING AND CONVEYANCE EXPENSE (Amount in Rs.)
Travelling Expenses 1,730 5,937
Conveyance Expenses 11,690 9,508
TOTAL 13,420 15,445
Note -18
PROGRAMMES / SEMINAR EXPENSES (Amount in Rs.)
Programmes / Seminars of Members
a) Seminar Expenses 1,40,218 1,64,684
b) - -
c) - 1,40,218 - 1,64,684
Programmes / Seminars of Students
a) Students Training Programmes 1,23,525 1,48,531
b) Other Programmes 1,05,008
2,28,533 1,48,531
TOTAL 3,68,751 3,13,215
PARTICULARSFor the year ended
As at 31st March 2020 As at 31st March 2019
PARTICULARSFor the year ended
As at 31st March 2020 As at 31st March 2019
PARTICULARSFor the year ended
As at 31st March 2020 As at 31st March 2019
LUDHIANA CHAPTER OF NIRC OF ICSI Note - 19
OTHER EXPENSES (Amount in Rs.)
Stationery 20,836 11,381
Newsletter -
Accounting Charges - 950
Rent, Rates and Taxes 2,76,414 24,000
Electricity and Water 25,547 18,796
Communication Expense
- Telephone / Fax 11,103 18,880
- Courier / Postage 989 12,092 787 19,667
Insurance - -
Repairs and Maintenance
- Buildings - -
- Computer 3,800 3,076
- Other Assets - -
- Vehicles - 3,800 - 3,076
Office Expenses 26,544 22,552
Newspapers and Periodicals - -
Meeting expenses - -
Computerisation (Data Processing) - -
Professional Charges 14,830 16,520
Packing and Despatch - -
Loss on Sale/ Disposal/Write-off of Assets - -
Loss/Write-off of Stocks - -
Bank Charges 1,807 132
Student Scholarship and Awards - -
Auditors Remuneration (including GST)
- Statutory Audit Fees 6,500 7,080
- Statutory Auditor Other Services - -
- Internal Audit Fees 17,700 24,200 9,440 16,520
Misc. Expenses 29,508 4,131
Freight 944 -
TDS / Income Tax Recoverable written off - -
Bad Debts - -
Provision for Bad/Doubtful Debts - -
TOTAL 4,36,522 1,37,725
PARTICULARSFor the year ended
As at 31st March 2020 As at 31st March 2019
( ` Amount)
Cash Flow from Operating Activity
Net Surplus after Prior period, Extra ordinary and Exceptional items as per I & E Account (2,28,227) 38,354
Add : Depreciation on Fixed Assets 34,307 31,437
: Stock Written off
: Bad Debts and Provision for Doubtful Debts
: Loss on Sale of Assets
Cash flow from operation after adjustment for non cash expenses (1,93,920) 69,791
Less: : Income from Investment
: Provisions no longer required back and amount written off
: Surplus on Disposal of Assets - -
Operating Surplus before Working Capital and Funds Changes (1,93,920) 69,791
Increase /(Decrease) in Current Assets and Current Liabilities and Operating Earmarked Fund Balances
(Increase)/Decrease in Inventory
(Increase)/Decrease in Sundry Debtors (2,665) (4,127)
(Increase)/Decrease in Short Term Loans & Advances
(Increase)/Decrease in Other Current Assets (62,500) -
(Increase)/Decrease in Long Term Loans & Advances
(Increase)/Decrease in Other Non Current Assets
(Increase)/Decrease in GR/Contribution / Utilisation to RC / Chapters 2,18,465 44,000
Increase/(Decrease) in Sundry Creditors - (5,020)
Increase/(Decrease) in Other Current Liabilities 34,279 2,853
Increase/(Decrease) in Short Term Provisions (906) (8)
Increase/(Decrease) in Long Term Liabilities and Provisions
Net cash generated from operating activity. 1,86,673 37,698
Cash flow from Investing Activity
Income from Investments -
Sale Proceeds of Redumption of Investments
Acquisition of Investments 3,12,291 (15,250)
Sale Proceeds of Fixed Assets
Acquisition of Fixed Assets including WIP (2,18,465) (51,020)
Net Cash used in Investing Activity 93,826 (66,270)
Cash flow from Financing Activity
Cash Flow from Financing Activity
Addition in Corpus Donation - -
Cash Generated From Financing Activities - -
Net cash generated from Financing Activities. - -
Net Cash Flow for the Year ended as on 31st March 2020 (A) 86,579 41,219
Cash and cash equivalent at the beginning of the year (B) 68,881 27,662
Cash and cash equivalent at the end of the year 1,55,460 68,881
Note:
1 The above Cash Flow Statement has been derived using the Indirect method prescribed in AS-3.
2 Enclosed Notes 1 to 20 form an intergral part of the Cash Flow Statement.
3 Cash and cash equivalents include:
a 10,940
b Balances with Scheduled Banks
- In Savings Bank accounts (incl Term deposits) 1,44,520
1,55,460
As per our report of even date.
(Hardeep Singh Nijher) (Pranav Khanna)
For Kiranjeet & Associates Chairman Vice Chairman
Chartered Accountants
FRN : 021642N
(Shivali Gupta) (Harshit Arora)
(Kiranjeet Kaur) Secretary Treasurur
Proprietor
Membership No. 098876
Place : Ludhiana
Date : 22.06.2020
Ludhiana Chapter of NIRC of ICSI
Cash Flow Statement for the year ended 31st March 2020
2019-20 2018-19
Cash, Cheques/Drafts/Postal Orders & Postage Stamps/ Franking units.
For LUDHIANA CHAPTER OF NIRC OF ICSI
(Kushal Kumar)Regional Director / Executive Officer /Office Incharge
LUDHIANA CHAPTER OF NIRC OF ICSI
NOTE ANNEXED TO AND FORMING PART OF THE BALANCE SHEET AS ON
31.03.2020 AND PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED ON THAT DATE.
ACCOUNTING POLICIES & NOTES ON ACCOUNTS
1. SIGNIFICANT ACCOUNTING POLICIES
1. SIGNIFICANT ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
(a) The financial statements have been prepared under the historical cost convention, in accordance with the
generally accepted accounting principles.
(b) Accounting policies not specifically referred to are consistent and in consonance with generally accepted
accounting principles.
(c) The company generally follows mercantile system of accounting and recognizes significant items of income
and expenditure on accrual basis.
2. PROVISIONS AND CONTINGENT LIABILITIES
Provisions are recognized for present obligations of uncertain timing or amount arising as a result of a past
event where a reliable estimate can be made and it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation. Where it is not probable that an outflow of resources
embodying economic benefits will be required or the amount cannot be estimated reliably, the obligation is
disclosed as a contingent liability, unless the probability of outflow of resources embodying economic
benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-
occurrence of one or more uncertain events are also disclosed as contingent liabilities unless the probability
of outflow of resources embodying economic benefits is remote.
3. REVENUE & EXPENDITURE RECOGNITION :
a. Revenue from sale of publications is recognized at the time of preparing the sale bill, i.e. when the property in
goods as well as the significant risks and the rewards of the property get transferred to Buyer.
b. Income on interest-bearing securities and fixed deposits is recognized on a time proportion basis taking into
account the amount outstanding and the rates applicable.
c. Receipt of money specific sponsored Programmes is recognized on a systematic basis in the Income &
Expenditure Account over the periods necessary to match them with the related costs which they are intended
to compensate. Unspent balance of such receipts, if any, are carried to next year.
d. The Chapter has made books of accounts on receipt basis and out of total expenses Rs.175000/- recoverable
from Head Office against rent, electricity expenses and telephone expenses. These will be accounted in the
next financial year as when received.
4. FIXED ASSETS & SECURITY DEPOSITS :
a. Fixed Assets excluding Land are stated at historical cost less depreciation.
b. Depreciation is provided on the Written Down Value method at the following rates as approved by the
Council, based on the useful life of the respective assets :
Item %
Buildings 5
Furniture and Fixtures 10
Lifts/Air Conditioners/Other Equipments 15
Vehicles 20
Computers / Mobile Phones 40
c. Depreciation on additions to Fixed assets is provided on pro-rata basis. No depreciation is charged in the year
of sale. Fixed Assets costing 5,000 or less are fully depreciated.
d. Security deposit includes Rs.50000/- to GNIMT Trust and Rs.50000/- from Gurdwara Shaheedan S. Darshan
Singh Pheruman Trust.
5. Allocation / Transfer to Reserves & Surplus and Earmarked Funds
Corpus donation / donation for Building & Other Specific Fund received during the year is directly taken to
such Reserve.
6. OTHER NOTES
a. Figures of previous year have been regrouped / recasted wherever necessary to make them comparable with that
of the current year.
b. In opinion of the Council the value of realisation of loans, advances and current assets in the ordinary
course of business will not be less than the amount at which they are stated in the balance sheet and
provision for all known liabilities has been made.
c. Debit or Credit balances on whatever account are subject to confirmation from the respective parties.
d. Contingent liabilities against the chapter not acknowledged as debts - NIL.
e. Employees drawing more than Rs.25000/- p.m. Nil (P.Y. NIL)
f. Expenditure in Foreign Currency Nil (P.Y. Nil)
g. Earning in Foreign Exchange Nil (P.Y. Nil)
h. Prior Period Income/Expenditure Nil (P.Y. Nil)
i. Capital Commitments Nil (P.Y. Nil)
j. Donation in Kind Nil (P.Y. Nil)
k. Related Party Transactions Nil (P.Y. Nil)
For LUDHIANA CHAPTER OF NIRC OF ICSI For KIRANJEET & ASSOCIATES
CHARTERED ACCOUNTANTS
(HARDEEP SINGH NIJHER) (PRANAV KHANNA) (KIRANJEET KAUR)
CHAIRMAN VICE CHAIRMAN PROPRIETOR
(SHIVALI GUPTA) (HARSHIT ARORA)
SECRETARY TREASURER
(KUSHAL KUMAR)
OFFICE INCHARGE
PLACE : LUDHIANA
DATE : 22.06.2020
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