Section 42 in The M.P. State Road Transport Corporation Rules, 1962
42. Annual Accounts.
- The annual accounts for each financial year showing the financial results of the undertaking shall be drawn up within six months from the close of financial year :Provided that on the application of the Corporation, the State Government may, in consultation with the Accountant-General, Madhya Pradesh, extend the time for drawing up any accounts by such period as it may deem necessary. These accounts shall take into account all liabilities for the year incurred but not liquidated as also all expenditure incurred in the year in advance of the period to which it pertains. The annual account shall consist of:-(a)Operational Account. - Showing the gross earnings, direct operational costs, administration expenses, other indirect charges, insurance, income-tax, depreciation, interest etc., and net revenue;(b)Net Revenue Appropriation Account. - Showing the appropriation of net revenue including contributions to funds, etc.(c)Balance Sheet;(d)Statement of Capital Receipts and Capital Expenditure.-Showing on the debit side the amount of capital expenditure on first assets at the beginning of the year, expenditure incurred during the year on the different assets, sale disposals and writes off balance at the end of the year and, on the credit side, the receipts on capital accounts;(e)Statement of loans. - Showing the amount of loans borrowed, rate of interest, amount of loans repaid, balance outstanding etc.(f)Statement of Depreciation Fund, Reserve and other Funds. - Showing the opening balance appropriation during the year, interest realised from investments, withdrawls from the Fund and balance at the end of the year;(g)Statement of Investments of Depreciation Fund, Reserve and other Funds. - Showing the investments held at the beginning of the year, investment made during the year, investments sold or disposed of during the year and balance of investments held at the end of the year;(h)Statement of Stores.
