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Annual Report 10-11 - Government of Karnataka

Annual Report 10-11 - Government of Karnataka

Annual

Annual Report 2010-11Union Bank of India 154,472.00(60,130.00) Bank of Baroda 166,686.00 2,013,917.00161,691,833.07 178,026,976.83 161,691,833.07 178,026,976.83Refer Report of Even Date For. KARNATAKA STATE REMOTE SENSING APPLICATION CENTER -BANGALOREFor. ADISEKHAR REDDY & COMPANYChartered AccountantsSd/- Sd/-B. ADISEKHAR REDDY Assist Administrative officer Director / Member - SecretaryPartnerM NO: 203019Date: 09.09.2011Place: BANGALORE43

Annual Report 2010-11Karnataka State Remote Sensing Applications Center, BangaloreSignificant Accounting Policies for the Year ended 31.03.20111. Grant In Aid:1.1. Block Grant – in – aid sanctioned by Government of Karnataka is treated as income ofthe Center. The Surplus as at the end of the year transferred / added to general fund,pending utilization in the subsequent year and deficit if any deducted there from.1.2. Grant (including block grant – in- aid) received from Central/ State Government andother agencies for various projects/ programmes are credited to Saving Bank Accountmaintained in State Bank of Mysore, Cunningham Road Branch, Bangalore and someGrants are kept as Term Deposit in various banks.1.3. Assets taken over from Karnataka State Remote Sensing Application Center (KSRSAC)and out of Block grant in aid from Government of Karnataka (Ownership in respect ofwhich vests with State Government) are capitalized and depreciation in such assets istreated as expenditure.1.4. The Depreciation has been charged on reducing balance (WDV) method at the ratesindicated in the balance sheet/ schedule.1.5. The ownership of assets acquired, know – how generated and proto type fabricated outof funds of/ grant from Government of India and Government of Karnataka under specificProjects/ Programmes vests with them and the same are not reflected in these accounts.2. Grant for Specific Projects:2.1. Grant from Central/ State Government and other agencies for specific / joint Project/Programmes and the expenditure thereon are treated in the accounts separately.2.2. The unspent balance grant if any, at the end of the year is shown as liability in theBalance Sheet. If the expenditure exceeds release, amount to the extent recoverableas per terms of the grant is shown as Receivable in the Balance Sheet and the balance(including Center’s agreed/ committed contribution if any) is taken as expenditure of thecenter.2.3. Unadjusted advance to conveners/ scientists of the project/ programme as at the endof the year, pending receipt of vouchers is reflected in the accounts as Advance againstspecific persons.44

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