Differences between NPS and Old Pension System(NCSRPF)

Differences between NPS and Old pension system

NPS	Old Pension System (NCSRPF)
1. Full form is New Pension Scheme	1. Full form is Non Contributory State Railway Provident Fund
2. Employees who join on or after 01.01.2004 are covered under this scheme	2. Employees who join till 31.03.2004 are covered under this scheme.
3.  Defined Contribution Pension Scheme.  Here Contribution is defined i.e., 10% of Pay + DA.  Unlike Old pension system, here benefit i.e., pension is not defined.   It is based on investment returns along with accumulations until retirement age, annuity type and its levels..	3. Defined Benefit Pension Scheme.  Means Benefit (Pension) is fixed.  That is 50% of last pay is defined as Pension
4. Retirement Gratuity is not available.  But Death Gratuity is available.	4. Retirement Gratuity and Death Gratuity are available
5. Commutation of Pension is not available	5. Commutation up to 40 % is available.  Commuted portion shall be restored after the completion of 15 years.
6. Contribution to NPS is 10 % of Pay + DA	6. Contribution to NCSRPF is 8.33% of Pay only
7. Matching contribution from Employer	7. No matching contribution from Employer.
8. Managing the Funds:  Fund Managers approved by PFRDA - Provident Fund Regulatory Development Authority	8. Managing the Funds:  PF Trust appointed by Govt.
9. Regulator:  PFRDA	9.  No Regulator
10. Loan facility against PF amount is not available.	10. Loan facility against PF amount is available.
11.  At the time of Retirement:  Withdraw 40 % of total amount lying in Account (Employees contribution and Employers matching contribution incl: returns on investments). 60% Amount to be invest in Pension Annuity Schemes in order to get the monthly pension	11. At the time of Retirement, received the whole amount lying in employees PF Account with interest accrued there on.  Monthly pension @50% of last basic pay is provided by Employer
12. No provision of Family Pension.	12. Provision of Family Pension to the family members of deceased employee @ 30% last basic pay by Employer
13. Tax liability:  EET - Exempt, Exempt & Taxable.   Means Exempt on contributions made, Exempt on Accumulation and Taxed on Maturity.	13. Tax liability: EEE - Exempt, Exempt & Exempt.  Means Exempt of tax on Contribution, Accumulation and Maturity also.

Book keeping paper - Important questions - Differences between

Important Differences between questions

in Advanced Book keeping paper of Appendix 3 Exam

Note:

A very commendable effort by Shri Satbir Singh , Bhopal in compiling the Distinguished questions in Advanced Book Keeping paper. 

4 times Asked

1.      Equity shares and preference shares-1989, 1994, 1995, 1996

2.      Provision and reserves -1984, 1987, 1988, 1995

3 times asked

1.      Bill of exchange and promissory note-1986, 1991, 1997

2.      Consignment and sale-1987, 1989, 1997

3.      Fixed assets and current assets-1994, 1996, 2004

4.      Shares and debentures-1997, 2000, 2006

2 times asked

1.      Amalgamation and absorption-1986, 1988

2.      Bad debts and doubtful debts-1983, 2004

3.      Capital and revenue expenditure-1991, 2000

4.      Debentures and preference shares-1983, 1987

5.      Joint venture and partnership-2001, 2004

6.      Fixed and floation assets-1991, 1997

7.      Memorandum of association and articles of association-2001, 2006

8.      Good will and royalty-1986, 1989

9.      Ledger and journal-1995,  2016

10.  Renewal of bill and retiring a bill-1996, 2001

11.  Straight line method and diminishing balance method of providing depreciation-2000, 2006

12.  Trade discount and cash discount-1988, 1997

13.  Wasting and fictitious assets-1987, 1989

1 time asked

1.      Accrual and cash basis of accounting-1988

2.      Bonus shares and right shares-1984

3.      Business entity concept and going concern concept-1996

4.      Capital expenditure and capitalized expenditure-1984

5.      Capital receipts and revenue receipts-1988

6.      Carriage inward and carriage outwards-2004

7.      Cash credit and over draft-1986

8.      Consignment account and joint venture accounts.-1983

9.      Consignment and joint venture-2000

10.  Convertible debentures and redeemable debentures-2001

11.  Current ratio and acid test ratio-2000

12.  Current ratio and quick ratio-1989

13.  Debit note and credit note-1980

14.  Dividend and interest-2006

15.  Errors of principle and compensatory errors-1997

16.  Fifo and lifo method of inventory valuation-1988

17.  Financial and cost accounting-1995

18.  Fixed capital and working capital-1994

19.  Hire purchase and installment system-2006

20.  Issue of debentures at prememium and issue of debentures at discount-1980

21.  Limited company and partnership-1980

22.  Nominal capital and paid-up capital-1980

23.  Partnership concern and joint stock company-1995

24.  Preference and deferred shares-1991

25.  Private limited and public limited company-2006

26.  Promissory note and bill of exchange-1994

27.  Receipt and payment account and income and expenditure account-2001

28.  Reserve fund and capital reserve-1994

29.  Reserve fund and dividend equalisation fund-1983

30.  Revenue expenditure and deferred revenue expenditure-1984

31.  Revenue fund and sinking fund-1991

32.  Sale and consignment-2001

33.  Single entry and double entry system-2004

34.  Trade bill and accommodation bill-1995

35.  Trade discount and quantity discount-1983

36.  Trade mark and patent rights-1989

37.  Trading account and p&l account-2004

38.  Trial balance and balance sheet-2000

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Book keeping - Important questions - Distinguish between

    

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Indian Railways Annual Report & Accounts 2016-17

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SCR - Group B post - AAO Notification

Salient features of SCR Group B post AFA (Level -9, Grade Pay -5400)  notification - 70%

·         No of posts

Segment	OC	SC	ST	Total
70 %	12	1	1	14
30 %	5	1	-	6
Total	17	2	1	20

·         70 % Exam Date:  19.04.2018     

·         Panel period  :  01.12.2017 to 31.05.2020  ( 2 1/2 years)

·         Last date for Willingness/Unwillingness of candidates  - 16.03.2018  (From 55 candidates in Annexure A of the Notification)

·         Candidates listed in Annexure B of the Notification will be called for Examination to the extent of shortfall, if the candidates in Annexure A expressed unwillingness

·          Written Examination  - 150 marks (Qualifying marks - 90)

·         Viva voce - 25 marks & Record of Service - 25 marks  ( Qualifying marks -30 out of 50)

·          Minimum 15 marks out of Record of Service -25 marks.

SCR 2018 AFA Notification

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