Model Accounting System for Panchayati Raj Institution and Its Outlook

Model Accounting System is introduced by C & AG on the recommendation of Eleventh Finance Commission. Model Accounting System is based on the concept of Cash Book, The Accounts are to be kept in two parts, Part - I To record transactions of all receipts and expenditure relating to Panchayats Fund, Part - II To record transactions relating to Provident Funds, Loans, Deposits and Advances in this account are classified in four different head viz. Major Head, Minor Head, Sub-Head and Object Head