Annually from Ashada Bahula Padyami to Ashada pournami is deliberated as one accounting year. It entails on Guru purnima day close down account books and on Ashada Bahula padyami commences fresh accounts.
Lately we are accompanying April – March accounting year, In an accounting year Guru purnima day rendered prominence as well errors in accounts are averted heedfully and even minor errors are unacceptable.
None can willfully demolish account information specifying documents, supporting documents, vouchers, in case anyone destruct them or if accounts are written on separate sheets instead of account books or failed to inquire into assets in committed time enumerating the intensity fine was imposed, such rigidly accurate methods are not in force in this modern era as well.
Account maintenance errors became quite common, if an error is encountered in account book it is rectified in general voucher adjustment entry. But in olden days penalty has to be paid for errors.
Income is divided into three types and Income under the government is divided into three significant parts.
- Current Income
- Transfer Income
- Miscellaneous Income.
Total currency tallied is assumed as current income, one is previous year remnant after disbursals is transferred to current year and allotted cash to various sectors of government remnant is transferred to other sectors, such transferred money is assumed in two parts.
Loans cancelled earlier after incurring debt. Surcharges cumulated due to errors in the job in the form of fine, unexpected profits, penalty on government properties, presents received by king in the form cash, secrete treasures, and entire seized properties considered as miscellaneous income from previous year be saved money in budget, profit earned by government services, expenses for investments, funds are taken under separate head.
Arriving at government disbursals though defense is crucial religious, spiritual, activities are disposed similar importance. Kings palace, Queen’s palace expenditure, administrative, foreign, food storage, on government products expenses, labor wages, accumulation of forest products disbursals all these are considered under expenses category.
Disbursals on defense are importantly separated into four parts. they are management of chariots, elephants herd, herd of horses, army expenses. In modern era army, navy, air force namely three are divided for administration of daily routine saved in budget, though not accommodated in budget daily inevitable situations, unexpected disbursals mattering time as well considered into category of government expenses.
