What is Budget sheet?
What is the budget canvass account?
budget canvass / Importance of budget sheet
What is The budget canvass / Importance of budget canvass , Part of budget canvass too Closing of budget sheet?
What is the budget canvass account?
budget canvass / Importance of budget sheet
What is The budget canvass / Importance of budget canvass , Part of budget canvass too Closing of budget sheet?
Meaning of budget sheet
Budget canvass is a variety of ledger, which is prepared to exhibit the annual appropriation of budget, budget issue too budget expenditure. It is 1 of the most of import statements maintained yesteryear operating marker offices of authorities nether novel accounting systems. The operating marker officeholder ma
Importance of budget sheet
Budget canvass is importance for the next reasons:
• It provides data nigh caput appropriate of budget issue too sum spent on each budget caput too the residual remained on each budget head.
• It provides the data of budget issue that how much has been issue too how much is nonetheless to last released.
• It provides pedagogy to the operating marker officeholder to brand expenditures on principal heads too sub-heads.
• It is importance tool to command the budget of an office.
• It discloses the sum of annual appropriation on each budget head.
• It also facilitates the training of disceptation of expenditures.
Part of budget sheet
According to the specimen shape given, each budget canvass is divided into 3 parts are given below:
1. Annual appropriation section: inward this part, budget resources allotment on dissimilar heads are mentioned. The approved budget sum on dissimilar budget heads for the financial yr is shown on dissimilar column. No mag voucher is necessary to last passed to fill upwards the things inward this part. Sometime, supplementary budget too budget transfer are received from primal marker office. Thus, it is the outset or upper share of the budget sheet.
3. Budget issue section: budget issue is minute or middle share of a budget canvass which contains the sum of budget issue received periodically recorded for each heads too sub-heads. The sum of budget issue is received out of full annual budget appropriation from the role of treasury too comptroller. The sum received equally initial revolving fund too additional revolving fund is also included inward this part. The role of treasury too comptroller issue the budget either on monthly or iv monthly bases. At the halt of each financial year, this share should closed yesteryear depositing the surplus onto freeze describe of piece of occupation organisation human relationship or consolidated fund account. The surplus budget on each caput of expenditure is mentioned inside bracket inward the column of concerned heads.
4. Budget expenditure section: this is the final share of the budget sheet. In this part, all budget expenditure are recorded into dissimilar heads too subheads for the period. It also recorded the expenditure incurred through trivial cash fund. It should non tape those transaction which are non related amongst budget caput subheads. Advance payment is also recorded. When advance is given to a certainly mortal for but about purpose, it is recorded inward the concerned budget caput column too full column. When the advance is cleared the advance sum is shown inside the bracket too actual expenditure is recorded exterior the bracket.
Closing of budget sheet
Monthly closing
At the halt of month, the budget that is closed, I known equally monthly closing, monthly closing of budget canvass included betwixt the closing of expenditure too budget releases. Under this, outset the full of budget expenditure is establish to calculate the expenditure of electrical flow month. Then, the full expenditure of electrical flow calendar month is added to full expenditure upwards to the final calendar month to know the sum of full expenditure upwards to electrical flow month.
Similarly, the column nether budget issue are closed at the halt of each month, piece closing this part, the sum of budget issue on each caput for the acquaint calendar month is totaled too added amongst the full of the budget issue received till the final calendar month to gain upwards one's require heed the sum of full budget issue received upwards to electrical flow month.
Annual closing
Budget canvass should last closed at the halt of the financial year. It is called annual closing; it contains the full sum of budget expenditure too full sum o budget release. In the sum closing of budget sheet, full sum of budget expenditure is deducted from the full sum of full budget issue to respect out the surplus amounts if any. Annual closing of budget canvass is determined yesteryear the full sum of regular too supplementary budget released for the financial yr too the full sum of expenditures paid out during the years on each caput or subhead of expenses. The financial yr starts inward basis Apr too halt inward March. Annual closing of budget canvass is ever prepared at the halt of final appointment of April.
Specimen of budget sheet
Budget canvass is maintained inward a format equally designed yesteryear A.G.F. No. 8. It has major 3 parts:
• Annual appropriate section
• Budget issue section
• Budget expenditure section
There are 12 principal heading too xl sub heading of budget expenditures inward budget sheet. H5N1 full general format of a budget canvass is given attached page.
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3. Budget issue section: budget issue is minute or middle share of a budget canvass which contains the sum of budget issue received periodically recorded for each heads too sub-heads. The sum of budget issue is received out of full annual budget appropriation from the role of treasury too comptroller. The sum received equally initial revolving fund too additional revolving fund is also included inward this part. The role of treasury too comptroller issue the budget either on monthly or iv monthly bases. At the halt of each financial year, this share should closed yesteryear depositing the surplus onto freeze describe of piece of occupation organisation human relationship or consolidated fund account. The surplus budget on each caput of expenditure is mentioned inside bracket inward the column of concerned heads.
4. Budget expenditure section: this is the final share of the budget sheet. In this part, all budget expenditure are recorded into dissimilar heads too subheads for the period. It also recorded the expenditure incurred through trivial cash fund. It should non tape those transaction which are non related amongst budget caput subheads. Advance payment is also recorded. When advance is given to a certainly mortal for but about purpose, it is recorded inward the concerned budget caput column too full column. When the advance is cleared the advance sum is shown inside the bracket too actual expenditure is recorded exterior the bracket.
Closing of budget sheet
Monthly closing
At the halt of month, the budget that is closed, I known equally monthly closing, monthly closing of budget canvass included betwixt the closing of expenditure too budget releases. Under this, outset the full of budget expenditure is establish to calculate the expenditure of electrical flow month. Then, the full expenditure of electrical flow calendar month is added to full expenditure upwards to the final calendar month to know the sum of full expenditure upwards to electrical flow month.
Similarly, the column nether budget issue are closed at the halt of each month, piece closing this part, the sum of budget issue on each caput for the acquaint calendar month is totaled too added amongst the full of the budget issue received till the final calendar month to gain upwards one's require heed the sum of full budget issue received upwards to electrical flow month.
Annual closing
Budget canvass should last closed at the halt of the financial year. It is called annual closing; it contains the full sum of budget expenditure too full sum o budget release. In the sum closing of budget sheet, full sum of budget expenditure is deducted from the full sum of full budget issue to respect out the surplus amounts if any. Annual closing of budget canvass is determined yesteryear the full sum of regular too supplementary budget released for the financial yr too the full sum of expenditures paid out during the years on each caput or subhead of expenses. The financial yr starts inward basis Apr too halt inward March. Annual closing of budget canvass is ever prepared at the halt of final appointment of April.
Specimen of budget sheet
Budget canvass is maintained inward a format equally designed yesteryear A.G.F. No. 8. It has major 3 parts:
• Annual appropriate section
• Budget issue section
• Budget expenditure section
There are 12 principal heading too xl sub heading of budget expenditures inward budget sheet. H5N1 full general format of a budget canvass is given attached page.
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