STOCK VERIFICATION &CONDEMNATION AS PER ARTICLE 186 KVS ACCOUNT CODE
1.Physical Verification of Fixed Assets :The inventory for fixed assets shall ordinarily be maintained at
site. Fixed assets should be verified at least once in a year and the outcome of the verification recorded
in the corresponding register. Discrepancies, if any, shall be promptly investigated and brought to
account.
2. Physical Verification of Consumable Articles: A physical verification of all the consumable goods and
materials should be under taken at least once in a year and discrepancies if any should be recorded in
the stock register for appropriate action by the competent authority.
3. Procedure for Verification:
i) Verification shall always be made in the presence of the officer responsible for the custody of the
inventory being verified.
ii) A certificate of verification along with the findings shall be recorded in the stock register.
iii) Discrepancies, including shortages, damages and unserviceable goods, if any identified during
verification, shall immediately be brought to the notice of the competent authority for taking
appropriate action in accordance with provisions as given below:.
4. Physical Verification of Library Books :
(i) Complete Physical Verification of books should be done every year in case of Libraries having not more
than twenty thousand volumes. For Libraries having more than twenty thousand volumes and upto fifty
thousand volumes, such verification should be done at least once in three years. Sample physical
verification at intervals of not more than three years should be done in case of Libraries having fifty
thousand volumes. In case such verification reveals unusual or unreasonable shortages complete
verification shall be done.
(ii) Loss of five volumes per one thousand volumes of books issued/consulted in a year may be taken as
reasonable, provided such losses are not attributable to dishonesty or negligence. However, loss of a book of a
value exceeding Rs.1000 (Rupees One Thousand Only) and rare books irrespective of value shall invariably be
investigated and appropriate action taken.
FORMATS FOR CONDEMNATION 👇👇👇👇👇 Stock Verification Proforma Life of articles Fixed by KVS DepreciationRates
calculation sheet (if value of article is more than 2000Rs.) Calculation sheet (if value of article is less than 2000 Rs.)
Depreciation has been provided on the Fixed Assets in conformity with the principles laid down in Accounting Standards -6 issued by the Institute of Chartered Accountants of India. Written Down Value Method of depreciation has been applied uniformily on all Fixed Assets irrespective of their value but having useable life of more than one year. The rate applied for Written Down Value Method for various groups of assets as approved by Board of Governers,KVS are as mentioned below. | Items | Rate% | Building | 10 | Furniture, Fixtures | 10 | Library Books | 10 | Office Equipments | 15 | Vehicles | 15 | Computer/Peripherals/Computer Software | 20 | Hostel Equipments | 10 | Games & Estates | 10 | Other Fixed Assets | 10 |
The depreciation provided in respect of each item of depreciable assets to the extent of 95% of the original cost/book value of the depreciable assets(if value is above 2000 Rs.,other wise 100% for this year i.e. 2021-22) keeping residual value to an extent of 5% of the assets.Where during any financial year, any addition has been made to any assets, the depreciation on such assets is calculated for full financial year irrespective of the date of such addition.Where any asset has been discarded/demolished/destroyed i.e. written off during the year, the original cost of the assets and its accumlated depreciation is written off at the end of the financial year irrespective of the date on which such assets is discarded/demolished/destroyed or written off. The depreciation has been charged on the cost value of the assets. Assets received as gift will also be subject to depreciation after their depiction on face/depreciated value in the Balance Sheet. |
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