Vetting Concurrence

It involves factual verification of data It is an agreement to the proposal after

Estimates and variation statement requires to
be vetted before it is sanctioned by the
competent authority.
Vetting precedes concurrence
scrutinizing, the financial implication and need
of the work to be done.
Any proposal to carry out works require
concurrence before it is sanctioned by
competent authority.
Concurrence is accorded after vetting.

STOCK ADJUSTMENT ACCOUNT STORES IN TRANSIT

Operated to record (a) the temporary fluctuation
in the book value of stores items held in stock (b)
adjustment of differences discovered in the course
of stock verification and (c) difference arising due
to revision of rates.
Posting is made from the various Journal Slips
prepared for different transactions
Cleared in six months. Items of small value will be
cleared by debits to final heads of account. Items
remaining unclear at quarter ending reported to
GM and cleared by contra debit/credit to various
revenue abstracts.
It is write off with the sanction of General
Manager.
As it is adjusted between revenue demands
Operating Ratio will be affected.
Operated to watch the movement of stock
transferred from one depot to another depot, if
the said material is not received in receiving
depot in the same month.
Debited with the cost of stores transferred from
one depot by contra credit to stores suspense
pertaining to issuing depot.
It is eventually cleared when the stores is
received in receiving depot by necessary credit
per contra debit to stores suspense pertaining to
receiving depot.
No need of sanction as it is cleared automatically
at receipt of stock.
It will not affect Operating Ratio.

SURPLUS STOCK DEAD STOCK

Items which are not been issued from stock for
mote than 2 years are called surplus stock
Surplus due to change in design or specification
etc. or unanticipated fall of consumption.
It is of two kind (a) Moveable Surplus, (b) Dead
Surplus.
Dead stock is the stock purchased for the purpose
of use in office.
Examples are table, chair, rakes etc.
Separate register is maintained named as Dead
Stock Register.

EXTRA ORDINARY LEAVE LEAVE NOT DUE

It is granted (a) when no other leave is due or (b)
when other leave is due yet the employee applies
for it.
It cannot exceed 5 years at a stretch for
permanent and 3 month to temporary employee.
May be combined at other kind of leave
No leave salary is given
It is granted when no other leave si due and there
is reasonable prospect of employees coming back
on duty.
Maximum can be 360 days in one's career. Not
more than 90 days at a time or 180 days on
medical ground.
As there is no leave at the credit, it can not be
combined.
Leave salary is given.

SHOP ON COST GENERAL ON COST

Includes all on cost charges incurred within the Denotes all on cost charges that is incurred in
shop or department, which cannot be directly common with more than one shop or department
charges to the work. within the workshop
Charges includes: Charges includes:
i) Wages, OT etc. of staff such as Workshop i) Wages, OT etc. of staff such as
apprentices, tool keepers attached to particular Workshop apprentices, tool keepers NOT
shop. attached to particular shop.
ii) Stationery and forms used in shop. ii) Freight charges that cannot be directly
iii) Hammer driving in shops. allocated to job.
iv) Power charges, whether electric, gas or iii) Working expenses of central work
hydraulic which can be directly allocated to shop. pumping station.
v) Shop scrap (credit) i.e. scrap which cannot iv) Electric Power which it is not possible
be allocated to jobs. to allocate to shops.
v) Replacement of articles stolen or lost.

GOVERNMENT ACCOUNTS COMMERCIAL ACCOUNTS

1. The Govt. Accounts are technically known The Commercial Accounts are technically
as "FINANCIAL ACCOUNTS" and maintained in known as "CAPITAL AND REVENUE
accordance with the requirements of the ACCOUNTS". These are governed by the
constitution and instructions of the parliament standard accounting practices and conventions
through its committees. and laws like company law, income tax act. etc
2. Government Accounts are maintained Commercial Accounts are maintained
on CASH basis. It accounts Actual cash receipts on, ACCRUAL basis. That means Accrued
and actual cash payments during the financial earnings, whether realized or not, and the
year. liabilities incurred, whether actually disbursed
or not.
3. Mostly Government Accounts are Commercial Accounts are maintained
maintained on Single entry system. on Double entry system. (For every Debit,
corresponding credit)
4. Government prepares Accounts of its Commercial firms prepares Profit & Loss A/c
incomings and outgoings only i.e. Statements f and Balance Sheet to know how much profit
receipts and expenditure. (Not Profit & Loss they earned during the year and what is their
A/c and Balance Sheet, since it is not position (Assets and Liabilities) at the end of
commercial oriented) the year
5. Government Accounts are designed on the Commercial Accounts are designed to
principle "How little money it (Govt) need to show how much money the firm can put into
take out of the pocket of the tax payer the pockets of the owner/business in the
(citizen) in order to maintain its necessary form of Profit.
activities i.e., welfare of the people, defence
of the country etc".
IRCA transactions IRFA transactions
1. Expand : Indian Railway Conference 1. Expand: Indian Railway Financial
Association. Adjustments.
2. Chargeable to : Demand No.09G-740-33 2. Chargeable to Demand No.09G-750-33
3. IRCA is authority for carrying out adjustments 3. Zonal Railways are responsible for raising
among all Zonal Railways.  Debits are raised by charges on other Railways.
Northern Railway on other Zonal Railways
based on the advice of IRCA.
4. Pertaining to Goods Wagons only 4. Pertaining to Locos (Dsl & Electrical) &
( for Pakistan & Bangladesh Rly – All Rolling Coaches.
Stock)
5.   5..Will record the receipt / charges on
A.Charges / Receipts relating to inter charged account of adjustments carried out amongst
Stock (Goods wagons only) of Indian Railways- Indian Govt. Railways on account of (i)
(i) Repairs, (ii) maintenance (iii) Depreciation Repairs, (ii) Maintenance and (iii)
                   Depreciation in respect of rolling stock (other
 B. Charges relating to Inter-change of all than goods wagons i.e., Locos & Coaches) of
Rolling Stock with Foreign one Railway in use on other Railways.
Railways(e.g. Pakistan and Bangla Desh
Railways)
6.Basis for calculation: 6. Basis for calculation:

Wagon balance is the net difference between
the ownership and the actual holding of
wagons of Zonal Railway.  On a particular day, if
a particular Rly holds less number of wagons
that it owns on a particular day, it is entitles to
hire charges for balance of the Wagons.  by the engines on the using Railway.
Conversely the Rly holding more wagons that
its own is liable to pay hire charges for the
excess number of Wagons it holds.
(A) Locos : Debits will be passed on by the
owning Railway to the using Railway at the
unit cost based on the total engine hour on
outage basis (i.e. from the time it leaves from
the shed & till it returns to the shed) earned
(B) Coaches: The credit/debit adjustments
should be worked out on the basis of
kilometres earned by through
rakes/passenger coaches running on more
than one railway system. Vehicle kilometres
in respect of through coaches should be
worked out on the basis of the working time
table periods and the rake links.

BLOCK ACCOUNTS AND LOAN ACCOUNT

REVISED ESTIMATE AND MATERIAL MODIFICATION
MISC ADV. CAPITAL AND MISC ADV REVENUE
CAPITAL FUND AND CAPITAL AT CHARGE
LETTER OF CREDIT AND CREDIT NOTE
COMPLETION REPORT AND COMPLETION ESTIMATE
TEMPORARY ESTABLISHMENT AND WORK CHARGE ESTABLISHMENT
ENGINEERING SURPLUS AND IMPREST STORES
LIQUIDATED DAMAGES AND GENERAL DAMAGES
PRELIMINARY ENGINEERING SURVEY AND FINAL LOCATION SURVEY
JOB COSTING AND PROCESS COSTING
REMITTANCE TRANSACTION AND TRANSFER TRANSACTION