A (2) 16
The trouble has arisen through having a separate account at the Bank for the P.W. Loan and to paying into that account advances from surplus balances. As you are aware the account was closed at the end of last year and I hope that no more difficulties will arise. The accounts were made unnecessarily complicated and in closing up, these differences came out. Unfortunately they are at the end of the year and of course are reflected in the annual statements. But by March all adjustments have been made and the advance account from surplus balances pending a future loan is treated in the proper manner. This is a result of what we called in Africa years ago "Cigarette tin accounting."
(Sd.)
EDWIN TAYLOR,
Treasurer.
7.7.31.
Note.
This query looks perhaps a little more serious than actually it is. It does not affect the accuracy of any item in the final Assets and Liabilities Statement but only the details leading up to one item:- Advances "On account of Future Loan."
2. The Treasurer's view that it is a result of "cigarette tin accounting" coincides with my own. Among other results of this primitive method of accounting was the inclusion in the previous year's (1929) Assets and Liabilities Statement of the unexpended portion of Loan Funds ($430,001) by mere insertion in the statement without recourse to any Journal Entry or Ledger Entry in the main Treasury books.
3. In paragraph 52 to 62 of the Annual Report I have referred to this and the other "separate accounts" kept by the Treasury. They are now all closed and the various tangles need not occur again.
4. N.F.P.N. here but the March 1931 Journal Entries must be carefully examined.
(Sgd.) P. L. COLLISSON,
Auditor.
17.7.31.
A (2) 16
The trouble has arisen through having a separate account at the Bank for the P.W. Loan and to paying into that account advances from surplus balances. As you are aware the account was closed at the end of last year and I hope that no more difficulties will arise. The accounts were made unnecessarily complicated and in closing up, these differences came out. Unfortunately they are at the end of the year and of course are reflected in the annual statements. But by March all adjustments have been made and the advance account from surplus balances pending a future loan is treated in the proper manner. This is a result of what we called in Africa years age "Cigarette in accounting.'
(Sd.)
EDWIN TAYLOR,
Treasurer.
7.7.31.
Note.
This query looks perhaps a little more serious than actually it is. It does not affect the accuracy of any item in the final Assets and Liabilities Statement but only the details leading up to one item:-Advances "On account of Future Loan.'
2. The Treasurer's view that it is a result of "cigarette tin accounting" coincides with my own. Among other results of this primitive method of accounting was the inclusion in the previous year's (1929) Assets and Liabilities Statement of the unexpended portion of Loan Funds ($430,001) by mere insertion in the statement without recourse to any Journal Entry or Ledger Entry in the main Treasury books.
J
3. In paragraph 52 to 62 of the Annual Report I have referred to this and the other "separate accounts kept by the Treasury. They are now all closed and the various tangles need not occur again.
4. N.F.P.N. here but the March 1931 Journal Entries must be carefully examined.
(Sgd.) P. L. COLLISSON,
Auditor.
17.7.81.
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