Professional Documents
Culture Documents
Statutory accounting
requirements
Section 24 of the railways act states
that it shall be the object of the
railways so to exercise its function
and conduct its business as to ensure
that its income, taking one year with
another , is not less than sufficient
to enable the railways to meet the
expenditure of the railways properly
chargeable to the revenue account.
Forms of accounts
Section 29 of the act states the railways shall
keep proper accounts relating to all its
operations, undertakings and property
including such particular accounts as the
minister of transport may direct
Capital for the public agencies is obtained from
government vesting loans and grants, and from
loans raised from the private sector and
secured against the revenues of the
undertaking.
Public agencies
performance
majority of state-controlled entities
made losses amounting to millions of
US dollars in 2011 due to
undercapitalisation, high overheads
and lack of customer confidence.