PUNJAB introduces double entry accounting system in local bodies
Author(s): City Air NewsChandigarh, March 6, 2013: The Punjab Government has introduced Double Entry Accounting System in its all 141 Local Bodies of the state. Disclosing this here today, Chunni Lal Bhagat, Local Bodies Minister, Punjab...
cityairnews
Mar 6, 2013 12:30
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Chandigarh, March 6, 2013: The Punjab Government has introduced Double Entry Accounting System in its all 141 Local Bodies of the state.
Disclosing this here today, Chunni Lal Bhagat, Local Bodies Minister, Punjab said that Punjab has formed a panel of 12 Charted Accountants for 141 local bodies to implement this internationally recognised system of Double Entry Accounting in true spirit. He said that earlier there was a single entry of transactions in the Local Bodies but now there would be double entries for both debit and credit transactions.
The Minister asserted that this system would also bring transparency in financial transactions of Local Bodies including Municipal Corporations, Municipal Councils and Municipal Panchayats. He said that Double Entry Accounting system would also ease the process of taking loans for Local Bodies.
