PEPSU ROAD TRANSPORT CORPORATION PATIALA — The Road Transport Corporation Act, 1950

PEPSU ROAD TRANSPORT CORPORATION PATIALA ACCOUNTING RULES PROCEDURE AND FORMS & DELEGATION OF FINANCIAL POWERS 1991 PREAMBLE The PEPSU Road Transport Corporation was formely known as PEPSU Roadways founded by the PEPSU government with effect form January. 1935 The PEPSU Roadways was later converted into a Corporation now known as the PEPSU Road Transport Corporation. The PEPSU Road Transport Corporation did not have any regular accountants proceure of its own. The counting procedure has been evolved over the years on the basis of instructions and other directions issued by the Central Office from time to time. The accounting Procedure later prepared and adopted by Punjab Roadways has also hitherto been followed in the PEPSU Road Transport Corporation with modification and there suited to local requirements. It has, therefore, been felt essential to give a witten accounting procedure to this large undertaking. Accordingly, the Accounting procedure has been drawn up as per the ensuing chapter. The accounting procedure is based more or less on the pattern already obtaining in the offices/depots of the Corporation or so to say the procedure hitherto being followed has been given a written shape with some modifications here and there with a view to ensure proper and day to day accounting. CONTENTS INTRODUCTORY 1.1 i) The Pepsu Road Transport Corporation was established under the Road Transport Corporation's Act, 1950 with effect from 1 st October, 1956. This corporation is a Public sector undertaking owned by the State Government and the Central Government (Northren Railway). ii) The Corporation is headed by a Chairman appointer by the State Government and it is administered by body corporate consisting of such members as may be appointed by the State Government and two memb