Form – C [see sub rule (1) of rule 4]

RECEIPT AND PAYMENT ACCOUNTS FOR THE PERIOD/YEAR ENDED
_________________________________

(Amount in Rs.)

RECEIPTS	Current Year	Previous Year	PAYMENTS	Current Year	Previous Year
I. Opening Balances			I. Expenses
(a) Cash in Hand			a) Establishment expenses (corresponding to Sch. 18)
(b) Bank Balance			b) Administrative Expenses (Corresponding to Schedule 19)
(i) In current Accounts
(ii) In Deposit Accounts
(iii) Saving Accounts
II. Grants Received			II. Payment made against funds for various projects (Name of the fund or project should be shown along with the particulars of payment made for each project)
(a) From Government of India
(b)From Other Sources (Details) (Grants for Capital and Revenue Expenditure to be shown separately)
III. Income on Investment from			III. Investments and Deposits Made
(a)Earmarked/Endowment funds			a) Out of Earmarked/Endowment funds
(b) Own funds (Investment - others)			b) Out of own funds (Investment - others)
IV. Interest Received			IV. Expenditure on Fixed Assets & Capital Work-in-Progress
(i) On Bank Deposits			a) Purchase of fixed Assets
(ii) Loans, advances etc.			b) Expenditure on Capital Work-in progress
V. Other Income (Specify)			V. Refund of surplus money/loans
			a) To the Government of India
			b) To other providers of funds
VI. Amount Borrowed			Vi. Finance Charges (Interest)
VII. Any other receipts (give details)			VII. Other Payments (Specify)
			VIII. Closing Balances
			a) Cash in Hand
			b) Bank Balances
			(i) In current Accounts
			(ii) In Deposit Accounts
			(iii) Savings Accounts
TOTAL			TOTAL

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

Whole Time Member                        Chairperson                                                                Chairperson
(In charge of Finance                        Audit Committee, IBBI                                          IBBI
And Accounts) IBBI

Place: Delhi
Date:

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Form – A [see sub-rule (1) of rule 4]

Insolvency and Bankruptcy Board of India
Balance Sheet as at___________________________

(Amount in Rs.)

FUND AND LIABILITIES	Schedule	Current Year	Previous Year
Fund	I
Reserves and Surplus	II
Earmarked/Endowment Funds	III
Secured Loans and Borrowings	IV
Unsecured Loans and Borrowings	V
Deferred Credit Liabilities	VI
Current Liabilities and Provisions	VII
TOTAL
ASSETS
Fixed Assets	VIII
Investments - From Earmarked/Endowment Funds	IX
Investments - Others	X
Current Assets, Loans and Advances	XI
Miscellaneous Expenditure (to the extent not written of or adjusted)
TOTAL
Significant Accounting Policies	XXII
Contingent Liabilities and Notes on Accounts	XXIII

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

Whole Time Member                        Chairperson                                                                Chairperson
(In charge of Finance                        Audit Committee, IBBI                                          IBBI
And Accounts) IBBI

Place: Delhi
Date:

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Form B [see sub rule (1) of rule 4]

INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD/YEAR ENDED __

INCOME	Schedule	Current Year	Previous Year
Grants/Subsidies	XII
Fees/Subscriptions	XIII
Income from Investments (Income on investment, from earmarked/endowment funds transferred to funds)	XIV
Income from Royalty, Publications etc.	XV
Interest Earned	XVI
Other Income	XVII
Total (A)
EXPENDITURE	Schedule	Current Year	Previous Year
Establishment Expenses	XVIII
Other Administrative Expenses etc.	XIX
Expenditure on Grants, subsidies etc.	XX
Interest	XXI
Depreciation (Net Total at the year end corresponding to Schedule VIII)	XXII
Total (B)
Balance being excess of Income over Expenditure (A-B) Transfer to Special Reserve (Specify each) Transfer to/from General Reserve
Balance Being Surplus (Deficit) Carried to Corpus/Capital Fund
Significant Accounting Policies	XXII
Contingent Liabilities and Notes on Accounts	XXIII

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

Whole Time Member                        Chairperson                                                                Chairperson
(In charge of Finance                        Audit Committee, IBBI                                          IBBI
And Accounts) IBBI

Place: Delhi
Date:

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SCHEDULE – I [See sub-rule (1) of rule 4]

FUND

(Amount in Rs.)

	Current Year		Previous Year
Balance as at the beginning of the year
Add: Contributions towards fund
Add/(Deduct): Balance of net income/ (expenditure) transferred from the Income and Expenditure Account
BALANCE AS AT THE YEAR –END

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SCHEDULE – II [See sub-rule (1) of rule 4]

RESERVES AND SURPLUS

(Amount in Rs.)

	Current Year		Previous Year
1.Capital Reserve As per last Account Addition during the year Less: Deductions during the year
2.Revaluation Reserve As per last Account Addition during the year Less: Deductions during the year
3.Special Reserves As per last Account Addition during the year Less: Deductions during the year
4.General Reserve As per last Account Addition during the year Less: Deductions during the year
TOTAL

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SCHEDULE – III [See sub-rule (1) of rule 4]

EARMARKED/ENDOWMENT FUNDS

	Fund Wise Break up				Totals
	Fund WW	Fund XX	Fund YY	Fund ZZ	Current Year	Previous Year
(a) Opening balance of the funds
(b) Additions to the Funds:
(i) Donations/grants
(ii) Income from investments made on account of funds
(iii) Other additions (specify nature)
Total (a + b)
(c) Utilisation/ Expenditure towards objectives of funds
(i) Capital Expenditure
- Fixed Assets
- Others
Total
(ii) Revenue Expenditure
- Salaries, Wages and allowances etc.
- Rent
- Other Administrative Expenses
Total
Total (c )
NET BALANCE AS AT THE YEAR END (a + b - c)

1. Disclosures shall be made under relevant heads based on conditions attaching to the grants.

2. Plan Funds received from the Central Government are to be shown as separate Funds and not to be mixed up with any other funds.

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SCHEDULE – IV [see sub-rule (1) of rule 4]

SECURED LOANS AND BORROWINGS

(Amount in Rs.)

	Current Year		Previous Year
1. Central Government
2. Financial Institutions
(a) Terms Loans
(b) Interest accrued and due
3. Banks
(a) Term Loans- Interest accrued and due
(b) Other Loans (specify)- Interest accrued and due
4. Other Institutions and Agencies
5. Debentures and bonds
6. Others (Specify)
TOTAL

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SCHEDULE – IX INVESTMENTS FROM EARMARKED/ENDOWMENT FUNDS

	Current Year	Previous Year
1. In Government Securities
2. Other approved Securities
3. Shares
4. Debentures and Bonds
5. Subsidiaries and Joint Ventures
6. Others (to be specified)
TOTAL

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SCHEDULE – V [see sub-rule (1) of rule 4]

UNSECURED LOANS AND BORROWINGS

(Amount in Rs.)

	Current Year		Previous Year
1. Central Government
2. Financial Institutions
3. Banks
(a) Term Loans
(b) Other Loans (specify)
4. Other Institutions and Agencies
5. Debentures and bonds
6. Fixed Deposits
7. Others (Specify)
TOTAL
Note: Amounts due within one year

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SCHEDULE – VI [see sub-rule (1) of rule 4]

DEFERRED CREDIT LIABILITIES

(Amount in Rs.)

	Current Year	Previous Year
1. Acceptances secured by hypothecation of capital equipment and other assets
2. Others
TOTAL
Note: Amounts due within one year

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SCHEDULE – VII [see sub-rule (1) of rule 4]

CURRENT LIABILITIES AND PROVISIONS

	Current Year		Previous Year
A. CURRENT LIABILITIES
1. Acceptances
2. Sundry creditors:-
(a). For Goods
(b). Others
3. Advances Received
4. Interest accrued but not due on:
(a) Secured Loans/borrowings
(b) Unsecured Loans/borrowings
5. Statutory Liabilities:
(a) Overdue
(b) Others
6. Other Current Liabilities
TOTAL (A)
B. PROVISIONS
1. For Taxation
2. Gratuity
3. Superannuation/Pension
4. Accumulated Leave Encashment
5. Trade Warranties/Claims
6. Others (Specify)
TOTAL (B)
TOTAL (A +B)

Cost of assets on hire purchase basis included above

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SCHEDULE – VIII FIXED ASSETS

	GROSS BLOCK				DEPRECIATION				NET BLOCK
Description	Cost as at beginning of the year	Additions during the year	Deductions /Adjustments during the year	Cost at the year end	As at the beginning of the year	During the year	Deductions/adjustments during the year	Total upto the year end	As at the current year end	As at the previous year end
A. fixed assets
1. Land
(a) Freehold
(b) Leasehold
2. Buildings
(a) On Freehold Land
(b) On Leasehold Land
(c) Ownership Flat/ Premises
(d) Superstructures on Land not belonging to the entity
3. Plant Machinery & Equipment
4. Vehicles
5. Furniture & Fixture
6. Office Equipment
7. Computers/Peripherals
8. Electrical Installations
9. Library Books
10. Tube wells & Water Supply
11. Other Fixed Assets
Total of Current year
Total of previous year
B. Capital work in progress
TOTAL

Note: To be given as to cost of assets on hire purchase basis included above

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SCHEDULE – X INVESTMENTS – OTHERS

(Amount in Rs.)

	Current Year	Previous Year
1. In Government Securities
2. Other approved Securities
3. Shares
4. Debentures and Bonds
5. Subsidiaries and Joint Ventures
6. Others (to be specified)
TOTAL

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SCHEDULE – XI CURRENT ASSETS, LOANS, ADVANCES ETC.

(Amount in Rs.)

		Current Year		Previous Year
	CURRENT ASSETS, LOANS, ADVANCES ETC.
A	Current Assets:
	1. Debts:
	(a) Debts Outstanding for a period exceeding six months
	(b) Others
	2. Cash balances in hand (including cheques/ drafts and imprest)
	3. Bank Balances:
	(a) With Scheduled Banks:
	(b) With Non-Scheduled Banks:
	• In current accounts
	• In deposit accounts
	• In savings accounts
	4. Post Office - Savings Accounts
	TOTAL (A)
B	LOANS, ADVANCES AND OTHER ASSETS
	1. Loans to:
	(a) Staff
	(b) Other Entities engaged in activities/ objectives similar to that of the entity
	(c) Other (specify)
	2. Advances and other amount recoverable in cash or
	in kind or for value to be received:
	(a) On capital account
	(b) Prepayments
	(c) Others
	3. Income Accrued
	(a) On investments from Earmarked/ Endowment fund
	(b) On investment - others
	(c) On loans and advances
	d) Others (includes income due unrealized Rs. ..)
	4. Claims Receivable
	TOTAL (B)
	TOTAL (A+ B)

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SCHEDULE – XII GRANTS/SUBSIDIES

Irrevocable Grants & Subsidies Received

(Amount in Rs.)

	Current Year	Previous Year
1. Central Government
2. Government Agencies
3. Institutions/ Welfare Bodies
4. International Organisations
5. Others (Specify)
TOTAL

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SCHEDULE – XIII FEES / SUBSCRIPTIONS

(Amount in Rs.)

	Current Year	Previous Year
1. Entrance Fees
2. Filing Fees
3. Seminar/ Program Fees
4. Consultancy Fees
5. Others (Specify)
TOTAL
Note - Accounting Policies towards each item are to be disclosed

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SCHEDULE – XIV INCOME FROM INVESTMENTS

Income on Invest. From Earmarked/ Endowment Funds transferred to Funds

(Amount in Rs.)

	Investment from Earmarked Fund		Investment - Others
	Current Year	Previous Year	Current Year	Previous Year
1. Interest
a) On Government Securities
b) Other Bonds/ Debentures
2. Dividends
a) On Shares
b) On Mutual Fund Securities
3. Rents
4. Others (Specify)
TOTAL

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SCHEDULE – XVII OTHER INCOME

(Amount in Rs.)

	Current Year	Previous Year
1. Profit on Sale/disposal of Assets
(a) Owned Assets
(b) Assets acquired out of grants, or received free of cost
2. Fees for Miscellaneous Services
3. Miscellaneous Income
TOTAL

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SCHEDULE – XXII SIGNIFICANT ACCOUNTING POLICIES (Illustrative)

1. ACCOUNTING CONVENTION

The financial statements are prepared on the basis of historical cost convention, unless otherwise stated and on the accrual method of accounting.

2. INVESTMENTS

2.1 Investments classified as “long term investments” are carried at cost. Provision for decline, other than temporary, is made in carrying cost of such investments.

2.2 Investments classified as “Current” are carried at lower of cost and fair value. Provision for shortfall on the value of such investments is made for each investment considered individually and not on a global basis.

2.3 Cost includes acquisition expenses like brokerage, transfer stamps.

3. FIXED ASSETS

3.1 Fixed Assets are stated at cost of acquisition inclusive of inward freight, duties and taxes and incidental and direct expenses related to acquisition. In respect of projects involving construction, related pre-operational expenses (including interest on loans for specific project prior to its completion), form part of the value of the assets capitalized.

3.2 Fixed Assets received by way of non-monetary grants, (other than towards the Corpus Fund), are capitalized at values stated, by corresponding credit to Capital Reserve.

4. DEPRECIATION

4.1 Depreciation is provided on straight-line method as per rates specified in the Income-tax Act, 1961 except depreciation on cost adjustments arising on account of conversion of foreign currency liabilities for acquisition of fixed assets, which is amortized over the residual life of the respective assets.

4.2 In respect of additions to/deductions from fixed assets during the year, depreciation is considered on prorata basis.

4.3 Assets consisting Rs. 5,000 or less each are fully provided.

5. MISCELLANEOUS EXPENDITURE

Deferred revenue expenditure is written off over a period of 5 years from the year it is incurred.

6. ACCOUNTING FOR SALES

Sales include excise duty and are net of sales returns, rebate and trade discount.

7. GOVERNMENT GRANTS/SUBSIDIES

7.1 Government grants of the nature of contribution towards capital cost of setting up projects are treated as Capital Reserve.

7.2 Grants in respect of specific fixed assets acquired are shown as a deduction from the cost of the related assets.

7.3 Government grants/subsidy are accounted on realization basis.

8. FOREIGN CURRENCY TRANSACTIONS

8.1 Transactions denominated in foreign currency are accounted at the exchange rate prevailing at the date of the transaction.

8.2 Current assets, foreign currency loans and current liabilities are converted at the exchange rate prevailing as at the year end and the resultant gain/loss is adjusted to cost of fixed assets, if the foreign currency liability related to fixed assets, and in other cases is considered to revenue.

9. LEASE

Lease rentals are expensed with reference to lease terms.

10. RETIREMENT BENEFITS

10.1 Liability towards gratuity payable on death/retirement of employees is accrued based on actuarial valuation.

10.2 Provision for accumulated leave encashment benefit to the employees is accrued and computed on the assumption that employees are entitled to receive the benefit as at each year end.

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SCHEDULE – XXIII CONTINGENT LIABILITIES AND NOTES ON ACCOUNTS (Illustrative)

1. CONTINGENT LIABILITIES

1.1 Claims against the Entity not acknowledged as debts – Rs.______________
(Previous year Rs.___________)

1.2 In respect of:

Bank guarantees given by/on behalf of the Entity -Rs.__________(Previous year Rs._____________).

Letters of Credit opened by Bank on behalf of the Entity -Rs.________(Previous year Rs._________).

Bills discounted with banks Rs.________(Previous year Rs.________).

1.3 Disputed demands in respect of:

Income-tax Rs. ______________(Previous Year Rs. _________)

G.S.T. Rs. _______________(Previous Year Rs.__________)

Municipal Taxes Rs. _____________(Previous Year Rs.___________)

1.4 In respect of claims from parties for non-execution of orders, but contested by the Entity -Rs.________(Previous year Rs._________).

2. CAPITAL COMMITMENTS

Estimated value of contracts remaining to be executed on capital account and not provided for (net of advances) Rs.

(Previous year Rs._________).

3. LEASE OBLIGATIONS

Future obligations for rentals under finance lease arrangements for plant and machinery amount to Rs._________(Previous year Rs._________).

4. CURRENT ASSETS, LOANS AND ADVANCES

In the opinion of the Management, the current assets, loans and advances have a value on realization in the ordinary course of business, equal at least to the aggregate amount shown in the Balance Sheet.

5. TAXATION

In view of there being no taxable income under Income-tax Act 1961, no provision for Income tax has been considered necessary.

6. FOREIGN CURRENCY TRANSACTIONS

6.1 Value of Imports calculated on C.I.F Basis:

– Purchase of finished Goods

– Raw Materials & Components (Including in transit)

– Capital Goods

– Stores, Spares and Consumables

6.2 Expenditure in foreign currency:
– Travel

– Remittances and Interest payment to Financial Institutions/ Banks in Foreign Currency

– Other Expenditure:

• Commission on Sales
• Legal and Professional Expenses
• Miscellaneous Expenses

6.3 Earnings:

6.4 Remuneration to auditors:

As auditors:

• Taxation matters
• For management services
• For certification
• Others

7. Corresponding figures for the previous year have to be regrouped/ rearranged, wherever necessary.

8. Schedules I to XXXIII are annexed to and form an integral part of the Balance Sheet as at ___________ and the Income and Expenditure Account for the year ended on that date.

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SCHEDULE XIX OTHER ADNIMISTRATIVE EXPENSES

(Amount in Rs.)

	Current Year	Previous Year
(a) Purchases
(b) Labour and processing expenses
(c) Cartage and Carriage Inwards
(d) Electricity and power
(e) Water charges
(f) Insurance
(g) Repairs and Maintenance
(h) Rent, Rates and Taxes
(i) Vehicles Running, Maintenance or Hiring charges
(j) Postage, Telephone and Communication charges
(k) Printing and Stationery
(l) Travelling and Conveyance Expenses
(m) Expenses on Seminar/ Workshops
(n) Subscription Expenses
(o) Expenses of fee
(p) Auditors Remuneration/ Legal fee
(q) Hospitality Expenses
(r) Professional Charges
(s) Provision for Bad and Doubtful Debts/ Advances
(t) Irrecoverable Balances written -off
(u) Packing Charges
(v) Freight and Forwarding Expenses
(w) Distribution Expenses
(x) Advertisement and Publicity
(y) Others (to be specified)
TOTAL

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SCHEDULE XV INCOME FROM ROYALTY, PUBLICATION ETC.

(Amount in Rs.)

	Current Year	Previous Year
1. Income from Royalty
2. Income from Publications
3. Others (Specify)
TOTAL

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SCHEDULE XVI INTEREST EARNED

(Amount in Rs.)

	Current Year	Previous Year
1. On Term Deposits
(a) With Scheduled Banks
(b) With Non - Scheduled Banks
(c) With Institutions
(d) Others
2. On Savings Accounts
(a) With Scheduled Banks
(b) With Non - Scheduled Banks
(c) Post Office Savings Accounts
(d) Others
3. On Loans
(a) Employees/Staff
(b) Others
4. Interest on Debtors and Other Receivables
TOTAL
Note - Tax deducted at source to be indicated

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SCHEDULE XVIII ESTABLISHMENT EXPENSES

(Amount in Rs.)

	Current Year	Previous Year
(a) Salaries and Wages
(b) Allowances and Bonus
(c) Contribution to Provident Fund
(d) Contribution to Other Fund (specify)
(e) Staff Welfare Expenses
(f) Expenses on Employees' Retirement and Terminal Benefits
(g) Others (Specify)
TOTAL

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SCHEDULE XX EXPENDITURE ON GRANTS, SUBSIDIES ETC.

(Amount in Rs.)

	Current Year	Previous Year
(a) Grants given to Institutions/ Organisations
(b) Subsidies given to Institutions/ Organisations
TOTAL

Note: Name of the Entities, their Activities along with the amount of Grants/ subsidies are to be disclosed.

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SCHEDULE XXI INTEREST

(Amount in Rs.)

	Current Year	Previous Year
(a) On Fixed Loans
(b) On Other Loans (including Bank Charges)
(c) Others (specify)
TOTAL

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