PUNJAB SCHEDULED CASTES LAND DEV.& FINANCE CORPORATION CHANDIGARH.

Accounting Policy and Notes on Accounts Annexed to the Balance Sheet for the year ending on 31st March , 2008.
  • Fixed Assets are shown at cost less accumulated depreciation at the rate given in Schedule ‘E’. Depreciation has been provided on written down value method.
  • The interest earned on unutilized subsidy has been treated as income ofthe Corporation. The Corporation has not received specific funds fromGovt. for meeting the administrative expenses since its inception. All theadministrative expenses are being met out from the interest earned on loanadvances, interest earned on FDR / SB Accounts and interest earned onunutilized funds.
  • Interest / penal Interest on loans & Advances, Interest on FDR’s has been credited to profit & loss a/c on accrual basis.
  • Interest on Employees Advances Viz. Scooter/Car Advance & House Building Advance has been provided on actual receipt basis.
  • Inter Corporate Deposits Rs.742.27 lacs in Public Ltd Company (M/s Punjab Wireless System Ltd ) had been invested out of Bad Debt Fund, Relief & Common Good Fund, Guarantee Fund and Capital Subsidy Fund (Bank tie-up scheme). During the current Financial year no interest has been received from Inter-Corporate Deposits . Due to this no interest on funds has been provided and added to the funds.
  • Investment of Rs. 5 lacs in the shape of 5000 Preferential Share of Rs.100/- each, was made on 28.12.1972 in the Punjab. Tanneries Ltd. The company is running in losses. The company has not declared any dividends, So the value is taken as per original cost. The former holding Company PSIDC Ltd. has transferred all its shares to Punjab Leathers Dev. Corporation @ Rs.1.00 per share i.e at 1% of the face value of share.
  • The amount shown in Scheduled ‘G’ under the Head I nter Corporate Deposit amounting to Rs.7,42,27,312.00 (including Intt. Rs.92,27,312.00 up to 31.7.1999 i.e date of decree by the Honorable court) was invested as Inter Corporate Deposit by the Corporation with M /S Punjab Wireless System Ltd. as shown in the books of Accounts. The company is under liquidation and ICD of the Corporation is of unsecured nature. Keeping in view,recovery of this amount has become doubtful and accordingly provision for doubtful has been created during the current financial year debting Bad Debt Fund amounting to Rs.3,20,89,529.23, Relief & Common good fund amounting to Rs.2,10,76,740.60,Gurantee fund amounting to Rs.3,88,355.90 and capital subsidy for Bank Tie-Up Scheme amounting to Rs.2,06,72,686.27 as ICD had been invested out of these funds.
  • The amount shown in Detail of Loan & Advances (A) in Schedule ‘G’ Recoverable in cash or in kind for value to be received ‘ includes a sum of Rs.56000/- recoverable from M/s Bharat Overseas Co. The case is lying
    pending in the court of Sub-Judge Ist Class , Chandigarh.
  • The NSFDC New Delhi has claimed Rs.33.15 lacs as higher rate of Interest on account of non utilization of funds in time. The Corporation do not admit this claim. Hence, no liability has been provided for, during the year. As and when any amount of liability will be finilised , provision for the same will be made in the final account.
  • The amount shown in Schedule ‘I’ under the head ‘Interest on loan Advances’ includes an amount of Rs 1104,03046.26 on account of Interest / Penal Interest Due/ accrued on loans & advances for the previous years, which was not booked earlier for which the reconciliation was made upto 2006-07,So the amount booked during the financial year 2007-08 as Income of the current year.
  • As per Punjab Govt. policy , the balance amount of H.B.A of deceased employees (Sh.Jagdish Rai, S. Gurdial Singh & Smt.Mahinder Kaur) has been waived off in the 141th Board of Directors Meeting held on 21.01.2008. So the balance amount of H.B.A amounting to Rs.605359/- of these Employees has been debited to profit & loss A/c during the current financial year, Similarly the , balance amount of Scooter Advance of deceased S. Gurdial Singh amounting to Rs.26991/-has been waived off in the 141th BOD meeting & debited to profit & loss A/c during the current financial year.
 
 

Chief Accounts Officer          Secretary(Vacant)          Executive Director             Chairman     

 
 
 
Balance Sheet - - Click Here.