Page 280 - Account 10

made in the last month, and the supplementary budget release and inter-office and/or
inter-head transfer of budget, if any, under the concerned budget heads or subheads. The
journal voucher, AGF No. 10, must be prepared for each transaction related with this
part. It is closed annually, at the end of the month of Ashadh by depositing the surplus
into Freeze A/c in case of general budget but the development budget in not necessary
to deposit into freeze A/c. When it is necessary to show the opposite entry, the amount
should be mentioned in bracket in the concerned budget head column.

iii. Budget Expenditure
This is the third and the last part of budget sheet. It records the regular expenditure
made under each budget head. It records the budget expenditure according to the journal
voucher and the petty expenditures on the basis of journal voucher but only in case of
reimbursement. Similarly, the advance given is posted, as the budget expenditure for the
time being but the clearance is posted by mentioning the real expenditure openly in the
concerned column and the previously given amount inside the bracket just below the
expenditure amount in the same column. Other transactions, which are not related with
the budget heads are not posted in budget sheet. Thus, budget sheet is the budget ledger,
which with prepared under each head of budget excluding all other accounts like cash
account, bank account and other miscellaneous account except budget release. Budget
Sheet is closed monthly at the end of each month and annually at the end of the month of
Ashadh of each year.
5. Considerations /Procedures of Preparing Budget Sheet

i. Annual allocation of budget, supplementary budget, inter-head transfer of budget
and inter-office transfer of budget is posted into the annual appropriation part.
ii. Inter-head transfer and inter-office transfer of budget are recorded showing inside
the bracket. From the budget heads and sub-head amount can be transferred and
amount to be added in the budget head transferred.
iii. Supplementary and additional budget is also recorded in annual appropriation part.
iv. Initial revolving fund and additional revolving fund are recorded in the total column
of budget release part only.
v. The amount of budget release is recorded in the concerned heads and subheads.
vi. The expenses are recorded under the concerned budget heads and sub-heads in the
expenditure part.
vii. The transactions about the advance given is not actual expenditure; yet it is recorded
in head until and unless it is cleared.
viii. The case of advance clearance, the actual expenditure is to be shown outside the
bracket and amount of advance given is written inside the bracket in concerned
budget head.
ix. While establishment of petty cash fund, it is not recorded in budget sheet, but in the
reimbursement of expenditure it is to be recorded in concerned budget heads and
sub heads.
x. At the end of the month, the expenditures are added with the total of current and
the total expenditure upto the last month to find out the total expenditure upto the
current month.

280 Aakar’s Office Practice and Accountancy - 10 Budget Sheet 281