Indian Railway Codes and Manuals-Stores code- Vol-II-Chapter-29 (XXIX)

 


CHAPTER XXIX
TRANSFER TRANSACTIONS, STORES JOURNAL FINAL AND ACCOUNTS

2901. Heads of Accounts,—The following heads of Accounts under "Capital" and 'Revenue' are generally operated upon the accounts books of the Stores Accounts Office which is mainly concerned with the accountal of transactions connected with 'Stores'.

2902. Capital.—Major Head—67A—Construction of State Railways-(Commercial) and 67B Construction of State Railways—(Strategic). 

Minor Head—71 Stores Suspense and 73 Miscellaneous advances

Sub-beads : 

7110—Purchases Imported 

7120—Purchases Indigenous Purchase by Railways including Railway Board. 

7130—Purchases through Centralised Agencies such as DGS & D, etc, 

7140—Sales other than Fuel 

7150—Sales (Fuel). 

7160—Stores. 

7170—Stores-in-Transit 

7180—Stock Adjustment Account. 

7190—Stock Adjustment Account—Other items 

2903. For facility of reference and reconciliation with the connected subsidiary registers and accounts, the Head 'Stores' is divided into the following sub-heads and detailed heads and sub-detailed heads.

2904. Revenue.—The following are the heads of accounts under Revenue : Working Expenses : 

(i) Revenue Abstracts 

(ii) Miscellaneous Advances 

(iii) Deposits-miscellaneous 

(iv) Transfers-Divisional

(v) Transfers-Railways. 

2905. Transactions of receipts or payments in cash are accounted for in the following manner. In the case of moneys due to the railway, bills or other demands for payment are presented by the Railway to the parties concered, and the money is paid into Station booking offices, or to the Treasurer of the Railway. In such cases of receipts of cash, the foils of Miscellaneous Cash Remittance Notes or other cash receipts given by the treasurers show the particulars of service or stores paid for and the allocation; all such cash transactions should be posted (in Part II) of the Journal, by credit to 'Sales', etc., and debit to Transfers Revenue'. The Journal is posted from the journal slips, the account registers for the heads of accounts credited being posted directly in detail from the receipts for cash. In the case of payments by the Railway of cash for supplies or services, the Abstracts of Bills show the details of allocation for such payments. The Journal is posted directly from these abstracts, the supporting accounts registers being posted directly from bills and the vouchers in support thereof. 

Note.—In case of Railways, other than Open Line Railways, where the Capital Heads are alone operated, the Head 'Transfers Revenue' will not be operated. 

2906. Adjustments on account of transactions between the Stores Department and other departments of the same railway are generally carried out internally in the Accounts Office, while those with other Railways are carried out through (Transfer Certificates'. Adjustments with other Government Departments are carried out through either the 'Exchange Accounts' or 'Cash Payments'.

2907. Transfer Certificates.—Transactions not involving the actual receipt or payment of cash relating to other divisions and branches (if the transfer certificate' procedure is adopted for internal adjustments) or other railways will be passed on to the party concerned through transfer certificates, which for facility of reference are called 'Local Transfer Certificates' or 'Advices of transfer debits or credits' in the case of transfers relating to the divisions or branches of the home railway, and 'Foreign Transfer Certificates' in the case of those relating to other railways. 

2908. Local Transfer Certificates.—The adjustments in connection with the local transfer certificates will be carried out by employing a system of minus adjustments, i.e. the division or branch originating the transaction debits or credits to the head Transfers-Divisional which is accepted by the responding party by a minus debit or minus credit against the above head. The main idea underlying the above system is that the transactions under the head "Transfer Divisional' for the whole line for a particular month should be nil, unless, of course, there remains certain local transfer certificates unadjusted, at the end of the month. In the case of foreign transfer certificates the creditor foreign railway always raises a debit against the debtor railway, which is accepted by the latter by contra credit against the transfer head. 

2909. Local transfer certificates will be issued from and received in the Stores Accounts office direct, while foreign transfer certificates will be dealt with exclusively in the Book Section of the Headquarters Accounts office. The various processes relating to these are described in paragraphs 2910 to 2917.

2910. Signing of Transfer Certificates.-—Transfer Certificates may be signed by the Section Officer of a section, provided they are supported by bills or vouchers assigned by a Gazetted Officer, in other cases they should be signed by a Gazetted Officer. Similarly, the acceptance of the transfer certificates received from the various offices should be signed by a Gazetted Officer unless supported by a bill or voucher duly accepted by a Gazetted Officer, in which case the acceptance on this transfer certificate can be signed by the Section Officer. 

2911. Date up to which Transfer Certificates may be issued.—All transfer certificates should be issued up to a date not later than the 12th of the following month, as the Transfer Certificate received in the office against whom it is issued after the 13th will be responded to in the next month's accounts, thus increasing the outstanding at the end of the month under the head "Transfers-Divisional". 

2912. Acceptance of Transfer Certificates in full.—All transfer certificates should be accepted in full; but if the entire amount of any transfer certificate does not relate to the office again-which it is issued, it should be returned unaccepted under the signature of a Gazetted Officer. 

2913. Transfer Certificates Registers.—To watch the proper disposal of the transfer certificates issued and received, two manuscript registers should be maintained one each for outward and inward transfer certificates, the following forms, separate pages being allotted for each division, branch or section concerned.

2914. Schedule of Transfer Certificates.—After the issue of all transfer certificates for the months for which the last date is the 12th of the following month, a consolidated schedule (Form S. 2914), showing the transfer certificate No. and amount, separately for debit and credit, for all transfer certificates issued against each section, division and branch should be prepared and issued. These schedules arc of importance in the reconciliation of the head 'Transfers— Divisional, Branches or Section' and should be very carefully prepared. The Transfer Certificates from other offices should be carefully scrutinized, before being returned.

2915. These schedules should be returned to the issuing office by about the 18th of the following month to which they relate, and in case of non-receipt of accepted schedules, telegraphic reminders should be issued so that the transactions relating to a month may be duly accounted for in the same month's accounts.

2916. Adjustment with Foreign Railways.—In case it is desired to issue a transfer certificate against a foreign railway, the relevant voucher or, in the case of cash payment or recovery, a bill (quoting reference to the authority) along with the necessary certificate should be sent to the Book Section with a memo showing the allocation against the amount to be adjusted in the Stores Accounts Office. The Book Section, on receipt of the acceptance by the railway concerned, will issue a memo intimating the fact, when necessary adjustments may be carried out. Similarly the Book Section will send with a memo, any foreign railway transfer certificates received by it for acceptance and the latter should be adjusted in the Stores Accounts Office after necessary verification.

2917. The mema received from the Book Section should be registered in the inward transfer certificate register and their proper disposal watched by the Journal Keeper in the same manner as in the case of inward transfer certificates.

2918. Adjustment with Government Departments other than Foreign Railways.—All exchange accounts with Civil, Military Postal and Telegraph Departments, where exchange account facility is available, will be controlled by the Book Section. The items pertaining to the various branches will be intimated to or by it through a mema sent along with the necessary vouchers. These mema should also be registered in the transfer certificates register and adjusted after due verification.

2919. In case it is proposed to originate an entry under the above head, the Journal slip should be prepared on the authority of a bill accepted by the officer against whom the item, is adjustable. 

2920. Summaries of Transfer Adjustments.—Summaries of all transfer adjustments with other railways, and accounting offices of the Civil, Military and Postal authorities should be prepared and sent along with the consolidated Journal entry to the Books Section. Reference should be quoted to the mema of the Book Section through which the intimations for adjustment were received, and necessary vouchers sent in support of adjustments originated by the Stores Accounts Office.

2921. This record should be kept in a form as shown below, to bring together the whole of the debits and credits under the supense heads mentioned above.

2922. The journal will be maintained in two parts with separate folios each month for each part. Part I will collect all the transactions connected with the receipt of stores, Part II with relate to the issue of stores. The following will be the nature of Journal entries affecting each head of account in the Journal (vide Paragraphs 2902 to 2904).

2923. Purchases Imported (Capital 7110).—The debit to the head will be through Advice of Payments (received from the High Commission of India by credit to Transfers Railways Secretary Railway Board) or the debit scrolls issued by Reserve Bank of India or cash. This account will be credited through a Receipt Advice by contra debit to P. 7160 'Stores in Stock'. If the consignee Railway happens to be a foreign Railway, the debit to the head will be through a Foreign Transfer Certificate.

2924. Purchases—(Capital 7120 and 7130).—The credit to this head of account will be through a monthly Journal entry prepared from the grand total of the Group Summary for Purchases (vide paragraph 2521 (a) in the case of railways with decentralized inspection, or the grand total of the summaries of credits to Purchases Account (vide paragraph 2808) in the case of railways with centralized inspection, by contra debit to the head 'Stores in Stock' (Capital 7160 (ai) or (bi) for the value of stores posted in priced ledgers in the accounts of the same month, the balance appearing as a debit to the head 'Stores-in-Transit'. The debit to head 'Purchase' will be through the Abstracts of Audited Bills by credit to 'Cash' and through Transfer Vouchers and Exchange Accounts, by credit to other railways and departments on account of adjustments made on their bills.

2925. Deposits Miscellaneous.—Besides the items appearing under the head as mentioned in paragraph 2729, this head will be credited with the value of stores obtained on loan from other Railways or Government departments by debit to 7160 'Stores' and will be debited per contra, when the Stores are returned.

2926. Miscellaneous Advances (Capital 7300).—This head will be debited with the value of stores issued on suspense account by credit to 'Stores' and will be credited when the stores are returned by debit to 'Stores' and will be credited when the stores are returned by debit to 'Stores' or to the final heads of account.

2927. Sales (Capital 7140 and 7150).—In the case of cash sales, auction sales or sales by tender where the value of material sold by the Railway is received in advance of actual issue of stores, the credit to this account will appear earlier than the debit. The credit will be by debit to 'Cash'. In other cases, i.e. direct or tender sales to other Railways or Government departments the debit will appear first by credit to 'Stores' for the value of stores at the sale rates. The credit will be received through Transfer Certificates or Exchange Accounts by debit to the 'Transfer Railways'.

2928. 'Stores' -(Capital 7160).—The transactions affecting this head are in respect of the value of stores received or issued from a stores depot. The debits to this head are by credit to the following heads, in addition to those already mentioned in paragraph 2923 et seq.

(i) The 'Transfers—Workshops' on account of manufactured articles supplied to store depots and also the value of stores returned to depots. 

(ii) To 'Transfers-Divisional' on account of stores returned by departments to depots. 

(iii) To Imprest Accounts (all categories) Engineering Plant Account and Surplus Stores Account on account of Stores returned to the Stores Depots. 

(iv) To the Depot Transfer Account, 

(v) To the Stock Adjustment Account. 

Note.—All items that can be identified abilities chargeable to Works for which separate Works Registers exist, should not pass through 'Stores in Stock' or any other Stores Suspense head and should be debited/credited to final heads of account. 

2929. The credit to the head 'Stores' will be by debits to Transfers Workshops, Transfer Divisional, the Depot Transfer Account, Store-in-Transit account and the Imprest Account (all Categories), in addition to the heads of accounts already mentioned in paragraphs 2923 to 2927. 

2930. The Stock Adjustment Account.—The debits and credits to this head of account will be chiefly by contra adjustment to 'Stores' (Capital 7160) except in the case of the adjustment against the Revenue Abstracts, in clearance of the half-yearly balances under this head of account and also due to booking of petty differences to this head vide paragraph 2547-S.

2931. The other heads of accounts are self-explanatory.

2932. Journal Entry Slips.—Journal slips debiting or crediting the various sub-heads of accounts noted above will be generally prepared at the end of the month from the several suspense registers. Miscellaneous debits and credits not emanating from any of the suspense registers will be prepared from the original vouchers themselves. Separate journal slips should be prepared for Capital and Revenue and signed by a Gazetted Officer. They should then be numbered (separate series being allotted each month to Capital and Revenue), and posted in the journal, Capital and Revenue journal slips should be separately filed, month by month.

2933. Consolidated Journal Slip.—The Journal keeper should satisfy himself, particularly with reference to the entries regarding Transfers—Railway and Divisional, that all the transactions of the month have been brought to account. The journal should then be totalled and consolidated journal entries (one for Capital and the other for Revenue) should be prepared. In preparing the journal entry, transactions carried directly into the General Books, e.g. cash payments (on receipts) for stores should be disregarded - Special care should be taken to see that:

(i) the amounts shown as debit and credit against 'Transfers State Railway Revenue' in the Capital Account agree with those shown as credit and debit against 'Transfers State Railway Capital' in the Revenue Account; 

(ii) the total amounts of debit and credit under "Transfers, Divisional or Branches or Sections" agree with the amounts as accepted by the sections and branches concerned through the monthly schedules; and.

(iii) the amount shown as minus debit and credit against "Transfer Stores", i.e. respond in entries for transfers originated by the Divisions, branches, Sections agree with those accepted through their schedules. 

2934. The consolidated journal entry will show only the totals of the debits and credits to each head of account maintained in the Stores Journals. 

2935. The journal entries should be signed by the Stores Accounts Officer and forwarded to the Book Section for incorporation in the accounts of the Railway. 

2936. Subsidiary Register for Capital Account.—The transactions relating to the Capital heads of account for the 'month' and from the commencement of operations' should be shown in the schedule of capital expenditure accompanying the monthly Capital Account Current of the Railway submitted to the Railway Board. 

2937. As the heads of account operated upon in the Stores Accounts Office are mainly suspense heads of account detailed headwise, it is necessary that the balances under each detailed head are reconciled and proved with the General Books. For this purpose, a subsidiary register should be maintained by the Book Section for these detailed heads of account, in which should be shown opening balances, debits and credits during the month, and the closing balances in the following form. Separate pages should be opened in the register for each head of account appearing in the Journal and a summary of each head of account prepared at the end. The correctness of balances in this monthly summary should be certified by the Book Section. Any discrepancy found as a result of its reconciliation with the Book Section, if any, put up to the gazetted officer within 10 days of of the close of the accounts for the month. 

2938. Decentralised Stores Accounts Offices.—When stores accounting has been decentralised, there arises the need for such an office submitting a monthly statement of Stores Transactions to the General Office in the form shown below. The form is self-explanatory.

2939. The opening and closing balances should agree with the balances appearing in the Depot Group Ledger (S. 2617) for the month.

2940. The account should be accompanied by such schedules as may be prescribed by the Chief Accounts officer. The accounts of the various account offices should be consolidated in the Head Office in the form shown below. The further procedure of accountal will be on the same lines as laid down in the previous sections.

2941. Annual Accounts.—The following annual accounts should be submitted by the Stores Accounts Office to the Book Section on the prescribed dates :— 

(a) Capital and Revenue Accounts. 

(b) Finance Accounts. , 

(c) Appropriation Accounts. 

Detailed instructions regarding the preparation of each of the above accounts appear in the Accounts Department Code. Material in connection with the preparation of (a) and (b) above is generally obtained from records maintained in the Stores Accounts Branch itself. Whereas the explanations for variations between the original grant and the final grant and between the latter and the actual expenditure under the various sub-heads of the Appropriation Accounts, will be framed in consultation with the executive, if necessary. These should then be incorporated in the accounts submitted to the Book Section. For this purpose statements showing the figures of the original grant as compared with the final grant and the latter with the actual expenditure, should be sent to the Controller of Stores or other executive officer concerned, sufficiently in advance to admit of the accounts being sent to the Book Section in time. 

2942. Exhibition of losses in the Accounts under the following heads : 

(i) Physical losses; 

(ii) Losses due to variation in prices; 

(iii) Losses due to obsolescence and deterioration. 

The physical Losses of stores will be generally speaking, the shortages of stores discovered during verification of stocks. But all the deficiencies of stock are not to be considered, ipso facto, physical losses. The losses are generally attributed by the depots to the following reasons:
(a) Retail issues. 

(b) Leakage, etc.

(c) Turn of scale. 

Losses arising out of retail issues, or leakages are not strictly speaking, physical losses though the former may partly be a physical loss and as most of the losses will be due to (a) and (b), the entire amount may be taken as physical loss. Clause (c) is, however, compensatory and losses attributed to this cause only should not be classed as 'Physical losses'. Losses under (ii) will be those shown under relevant detailed head of the Stock Adjustment Account, Losses under (iii) for which the Stores Department is responsible will be shown under relevant detailed head of the Stock Adjustment Account, and those for which other departments are concerned will be debited them and will be accounted directly by the Accounts Officers concerned to the Book Section of General Branch, where they will be consolidated. While scrutinizing the explanations given on stock sheets, Inspectors of Stores Accounts or Stock Verifiers should keep note of all physical losses of stores and submit an annual statement to the Stores Accounts Officer by the 30th April each year. 

2943. Annual Statement of Expenditure on Stores,—A return showing the value of stores purchased every year should be compiled in the form shown below and submitted to the Railway Board by the 25th May of the year following the one to which the statement relates : 

2944. The return should show separately the value of stores imported direct, the value of imported stores purchased in India and the value of stores of Indian Manufacture or of indigenous origin. 

2945. The figures required for this return should be compiled in the Accounts Office from the Annual Abstract of Group Summaries (S. 2615). 

2946. At the end of the year a specimen copy of the return should be sent to the departments which make direct purchase for submission of a similar return showing the value of stores purchased by them during the year. The figures should be added to the value of stores shown in the registers maintained by the Stores Accounts Officer for exhibition in the return. This return should be accompanied by a review explaining the causes of important variations under any head compared with the previous year.

Multiple choice questions:

1.Which major head of account is used for the construction of state railways for commercial purposes?

  • A) 67A - Construction of State Railways (Commercial)
  • B) 67B - Construction of State Railways (Strategic)
  • C) 71 - Stores Suspense
  • D) 73 - Miscellaneous Advances

Answer: A) 67A - Construction of State Railways (Commercial)

2.Under the capital accounts, which sub-head covers purchases through centralized agencies such as DGS&D?

  • A) 7110 - Purchases Imported
  • B) 7120 - Purchases Indigenous
  • C) 7130 - Purchases through Centralized Agencies
  • D) 7140 - Sales other than Fuel

Answer: C) 7130 - Purchases through Centralized Agencies

3.What is the head used for recording sales of fuel?

  • A) 7140 - Sales other than Fuel
  • B) 7150 - Sales (Fuel)
  • C) 7160 - Stores
  • D) 7170 - Stores-in-Transit

Answer: B) 7150 - Sales (Fuel)

4.Which account head is used for recording adjustments of stocks?

  • A) 7180 - Stock Adjustment Account
  • B) 7190 - Stock Adjustment Account—Other items
  • C) 7120 - Purchases Indigenous
  • D) 7130 - Purchases through Centralized Agencies

Answer: A) 7180 - Stock Adjustment Account

5.What are the heads of revenue accounts under Working Expenses?

  • A) Revenue Abstracts, Miscellaneous Advances, Deposits-miscellaneous
  • B) Transfers-Divisional, Transfers-Railways, Sales
  • C) Revenue Abstracts, Miscellaneous Advances, Deposits-miscellaneous, Transfers-Divisional, Transfers-Railways
  • D) Purchases Imported, Purchases Indigenous, Sales (Fuel)

Answer: C) Revenue Abstracts, Miscellaneous Advances, Deposits-miscellaneous, Transfers-Divisional, Transfers-Railways

6.How are receipts of cash due to the railway recorded in the journal?

  • A) Credit to 'Sales' and debit to 'Transfers Revenue'
  • B) Debit to 'Sales' and credit to 'Transfers Revenue'
  • C) Credit to 'Transfers Revenue' and debit to 'Sales'
  • D) Debit to 'Cash' and credit to 'Transfers Revenue'

Answer: A) Credit to 'Sales' and debit to 'Transfers Revenue'

7.What is the purpose of Local Transfer Certificates?

  • A) For transactions involving cash payments between different railways
  • B) For internal adjustments within the same railway
  • C) For foreign exchange transactions
  • D) For adjusting government department accounts

Answer: B) For internal adjustments within the same railway

8.When must all transfer certificates be issued by?

  • A) 10th of the following month
  • B) 12th of the following month
  • C) 15th of the following month
  • D) 18th of the following month

Answer: B) 12th of the following month

9.Who is authorized to sign transfer certificates in the absence of a Gazetted Officer?

  • A) The Section Officer, provided the certificates are supported by bills or vouchers assigned by a Gazetted Officer
  • B) The Assistant Section Officer
  • C) The Junior Accountant
  • D) The Treasurer

Answer: A) The Section Officer, provided the certificates are supported by bills or vouchers assigned by a Gazetted Officer

10.What should be done if a transfer certificate amount does not relate entirely to the office to which it was issued?

  • A) It should be accepted partially
  • B) It should be returned unaccepted under the signature of a Gazetted Officer
  • C) It should be accepted and adjusted later
  • D) It should be adjusted in the next month’s accounts

Answer: B) It should be returned unaccepted under the signature of a Gazetted Officer

11.What is the main purpose of the consolidated schedule prepared after issuing transfer certificates?

  • A) To verify the accuracy of journal entries
  • B) To reconcile the head 'Transfers-Divisional' with the issuing office
  • C) To prepare monthly financial statements
  • D) To track the acceptance of transfer certificates

Answer: B) To reconcile the head 'Transfers-Divisional' with the issuing office

12.How are adjustments with foreign railways carried out?

  • A) Through cash payments
  • B) By issuing a Foreign Transfer Certificate and sending relevant vouchers or bills to the Book Section
  • C) Through local transfer certificates
  • D) By direct bank transfers

Answer: B) By issuing a Foreign Transfer Certificate and sending relevant vouchers or bills to the Book Section

13.What document should be registered in the inward transfer certificate register?

  • A) Transfer Certificates
  • B) Journal entries
  • C) Cash receipts
  • D) Vouchers for payments

Answer: A) Transfer Certificates

14.Which section is responsible for controlling exchange accounts with government departments other than foreign railways?

  • A) Book Section
  • B) Stores Accounts Office
  • C) Transfer Certificate Section
  • D) Cashier’s Office

Answer: A) Book Section

15.What is recorded in Part I of the journal?

  • A) Transactions connected with the receipt of stores
  • B) Transactions related to the issue of stores
  • C) Adjustments with other departments
  • D) Transfer Certificates

Answer: A) Transactions connected with the receipt of stores

16.Which account is credited through a Receipt Advice for purchases imported?

  • A) 7110 - Purchases Imported
  • B) 7120 - Purchases Indigenous
  • C) 7130 - Purchases through Centralized Agencies
  • D) 7160 - Stores

Answer: A) 7110 - Purchases Imported

17.When is the debit to the head ‘Purchases Imported’ credited to the head ‘Stores-in-Stock’?

  • A) When the stores are received by the consignee Railway
  • B) Upon payment through a foreign transfer certificate
  • C) On receipt of a debit scroll from the Reserve Bank of India
  • D) When a Receipt Advice is received

Answer: A) When the stores are received by the consignee Railway

18.What is the primary purpose of maintaining the Register of Transfer Certificates?

  • A) To monitor the receipt of cash payments
  • B) To track the proper disposal of issued and received transfer certificates
  • C) To record adjustments with government departments
  • D) To prepare financial summaries

Answer: B) To track the proper disposal of issued and received transfer certificates

19.Which account head is used for adjusting purchases through centralized agencies like DGS&D?

  • A) 7120 - Purchases Indigenous
  • B) 7130 - Purchases through Centralized Agencies
  • C) 7140 - Sales other than Fuel
  • D) 7160 - Stores

Answer: B) 7130 - Purchases through Centralized Agencies

20.What action is taken when transfer certificates from other offices are not received by the 18th of the following month?

  • A) An internal audit is conducted
  • B) A telegraphic reminder is issued
  • C) The certificates are accepted provisionally
  • D) The transactions are adjusted in the next month’s accounts

Answer: B) A telegraphic reminder is issued

21.What should be credited to the head 'Deposits Miscellaneous'?

A. Value of stores issued on suspense account
B. Value of stores obtained on loan from other Railways or Government departments
C. Value of stores sold at auction
D. Value of stores returned to depots

Answer: B. Value of stores obtained on loan from other Railways or Government departments

22.How is the 'Miscellaneous Advances' head credited?

A. By debit to 'Stores'
B. By debit to 'Transfers-Divisional'
C. By credit to 'Stores'
D. By credit to 'Cash'

Answer: C. By credit to 'Stores'

23.When does the credit to the head 'Sales' appear before the debit?

A. In the case of auction sales where payment is made in advance
B. In the case of tender sales where stores are issued before payment
C. For direct sales to other Railways
D. When cash is received after the stores are issued

Answer: A. In the case of auction sales where payment is made in advance

24.What is the debit to the head 'Stores' (Capital 7160) made against?

A. Transfers Workshops
B. Sales (Fuel)
C. Miscellaneous Advances
D. Purchases Indigenous

Answer: A. Transfers Workshops

25.Which head is used for adjustments due to discrepancies in store balances?

A. Stores-in-Transit
B. Stock Adjustment Account
C. Sales (Fuel)
D. Purchases Imported

Answer: B. Stock Adjustment Account

26.What should be prepared at the end of the month from the suspense registers?

A. Transfer Certificates
B. Journal Entry Slips
C. Capital and Revenue Accounts
D. Annual Statement of Expenditure on Stores

Answer: B. Journal Entry Slips

27.Who is responsible for signing the consolidated journal entry?

A. Section Officer
B. Journal Keeper
C. Stores Accounts Officer
D. Gazetted Officer

Answer: C. Stores Accounts Officer

28.What should be checked to ensure that 'Transfers State Railway Revenue' and 'Transfers State Railway Capital' match?

A. The amounts shown in the Consolidated Journal Entries
B. The balance of the Stock Adjustment Account
C. The monthly schedules of 'Transfers-Divisional'
D. The totals in the Purchase Summary

Answer: A. The amounts shown in the Consolidated Journal Entries

29.What is the primary purpose of the subsidiary register maintained by the Book Section?

A. To track the physical losses of stores
B. To record the monthly statement of Stores Transactions
C. To reconcile and prove balances under detailed heads of account
D. To prepare the Annual Statement of Expenditure

Answer: C. To reconcile and prove balances under detailed heads of account

30.When should the opening and closing balances of decentralized stores agree?

A. With the Depot Group Ledger
B. With the Annual Statement of Expenditure
C. With the Capital Account Current
D. With the Consolidated Journal Slip

Answer: A. With the Depot Group Ledger

31.What should be submitted to the Railway Board by May 25th each year?

A. Consolidated Journal Entry
B. Annual Statement of Expenditure on Stores
C. Finance Accounts
D. Transfer Certificates

Answer: B. Annual Statement of Expenditure on Stores

32.Which types of stores are included in the annual return to the Railway Board?

A. Stores of Indian Manufacture only
B. Stores purchased in India only
C. Imported stores and stores of indigenous origin
D. Stores purchased directly by departments only

Answer: C. Imported stores and stores of indigenous origin

33.Who should certify the correctness of balances in the subsidiary register?

A. Book Section
B. Stores Accounts Officer
C. General Manager
D. Chief Accounts Officer

Answer: A. Book Section

34.What is the main purpose of the annual statement of expenditure on stores?

A. To reconcile the head 'Stores'
B. To show the value of stores purchased annually
C. To adjust discrepancies in stock balances
D. To prepare Finance Accounts

Answer: B. To show the value of stores purchased annually

35.What action is required if the entire amount of a transfer certificate does not relate to the office to which it is issued?

A. Accept the transfer certificate in full
B. Return the transfer certificate unaccepted
C. Issue a new transfer certificate
D. Adjust the amount in the Stock Adjustment Account

Answer: B. Return the transfer certificate unaccepted

36.What should be done if a discrepancy is found during the reconciliation of balances?

A. Report to the Railway Board
B. Adjust the discrepancy in the Stock Adjustment Account
C. Report to the gazetted officer within 10 days
D. Prepare a new journal entry slip

Answer: C. Report to the gazetted officer within 10 days.

****** 

 


Comments

Popular posts from this blog

Indian Railway Codes and Manuals-THE RAILWAY SERVANTS (DISCIPLINE & APPEAL) RULES, 1968 (D&AR)

Indian Railway Codes and Manuals-The Railway Servants Conduct Rules 1966.

Indian Railway Codes and Manuals-Accounts code- Vol-II-Chapter-34 (XXXIV)

Indian Railway Codes and Manuals-Accounts Code-Chapter-8 (VIII)

Indian Railway Codes and Manuals-Accounts code- Vol-II-Chapter-32 (XXXII)

Indian Railway Codes and Manuals-Accounts code- Vol-II-Chapter-33 (XXXIII)

Indian Railway Codes and Manuals-Establishment code- Vol-I-Chapter-5 (V)

Indian Railway Codes and Manuals-Accounts Code-Chapter-9 (IX)

Indian Railway Codes and Manuals-Stores code- Vol-II-Chapter-19 (XIX)

Indian Railway Codes and Manuals-Accounts Code-Chapter-1 (I)