Section 88 in The Andhra Pradesh Municipalities (Preparation of Accounts) Rules, 2017
88. Preparation of Opening Balance Sheet.
(1)In the first year, under these rules, the municipality shall determine the opening balance of various asset and liability account heads at the beginning of the period and this statement shall be called the opening balance sheet.(2)The opening balance sheet shall be prepared separately for each fund.(3)In order to determine the opening balance, the municipality shall prepare an inventory of all its assets and liabilities and value them at the current book value based on their original cost less appropriate depreciation in the case of fixed assets.(4)In case the municipality is unable to determine the actual cost of a fixed asset with reasonable accuracy, it shall use the currrent standard cost rates prescribed by Government, deflate them to the year of purchase and then depreciate them to arrive at the current book value of the asset.
