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Section 83: Accounting of Contractors’ Bills

The Karnataka Municipalities Accounting and Budgeting Rules, 2006.State Rules of Karnataka · 1964

(1) The procedure for accounting of contractors’ bills shall be the same as provided in Chapter 6 of these Rules. On accrual of the bill, the liability shall be taken by:

(a) Debit to the ‘Capital Work in Progress’ account in case of an ongoing contract to create a new (capital) asset;

(b) Debit to the ‘revenue expense’ in case the contract is to carry out certain repair or maintenance works.

(c) Crediting the deductions towards any tax, works contract tax, royalty, or any other statutory recoveries to the respective liability accounts.

(2) When the capital work referred to in clause (a) above is completed, it shall be capitalised.

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(3) The Engineer responsible for any capital work shall prepare Summary Statement of Status of Capital Work-in-progress, in KMF NO 42 on quarterly basis. The statement shall be prepared separately for work carried out by the Municipality, Deposit Works and for Delegated Loan Works, and sent to Accounts Department for reconciliation with the balances in the Ledger.

Where this provision sits

ActThe Karnataka Municipalities Accounting and Budgeting Rules, 2006.
Section83
Marginal noteAccounting of Contractors’ Bills
JurisdictionState of Karnataka
StatusIn force as published by the source

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