Institutional Strengthening of Gram Panchayats (ISGP) Program 0, West Bengal



      4.   Revenue Recognition

           Fund received from State Government has been recognized as income to the extent of the
           revenue expenditure made during the year and the unutilized balance is shown as a part of the

•          Restricted Fund. For expenditure incurred on Fixed Assets, a corresponding amount has been
           transferred to the Capital Fund.

•          Interest earned on bank deposits during the project period is treated as project fund and
           accounted on receipt.

      5.   Valuation of Stock

           Materials and office supplies acquired for the program are charged as expenditure at the time
           of payment. Memorandum Stock Register is maintained to control over the store items.

      6.   The operating expenses for erstwhile I 000 phase - 1 Gram Panchayats for the Financial Year
           2019-20 amounting to Rs 12.92 Crore has been incurred by utilizing the counterpart financing
           fund received from State Government. Please refer Schedule T.