Para 12.56 — MSO (A&E)
Original Rule Text
12.56 The accounts of subscribers should be maintained in a ledger in Form 49 one complete folio being allotted to each subscriber. Provident Fund Accounts should be maintained as far as possible in loose leaf ledger card. The instructions in paragraph 12.32 apply equally to the accounts maintained in this form, when the account of a subscriber is closed, the date of, and the reason for, the closure should be noted in the ledger, as well as in the Index Register.
What This Means
When provident fund accounts are maintained by hand (not by machine), each subscriber gets one complete folio in a ledger (Form 49). The accounts should preferably use loose-leaf ledger cards. The same instructions from Para 12.32 about account maintenance apply here. When a subscriber's account is closed, the date and reason for closure must be recorded in both the ledger and the Index Register.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Hand-maintained PF accounts use Form 49 with one complete folio per subscriber
- 2Loose-leaf ledger cards are preferred over bound ledgers
- 3All instructions from Para 12.32 apply equally to hand-maintained accounts
- 4Account closure must be noted with date and reason in both ledger and Index Register
Practical Example
In a smaller AG office that maintains GPF accounts manually, Subscriber No. 456 retires on superannuation. The Accountant notes in the ledger (Form 49): 'Account closed on 31-01-2026, Reason: Superannuation.' The same entry is made in the Index Register. The folio is then moved to the Closed Accounts section of the ledger.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
Why are loose-leaf ledger cards preferred over bound ledgers?▼
Why must the reason for closure be recorded?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.