Home  »  Company  »  Abans Enterprises  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Abans Enterprises Ltd. Company

Mar 31, 2015

A ACCOUNTING CONVENTION

a. The financial accounts are prepared as a going concern under the historical cost convention on an a accrual basis except those with significant uncertainties and are in accordance with the Companies Act,2013

b. Accounting policies not stated explicitly otherwise are consistent and in consonance with generally accepted accounting principles followed by the Company

B USE OF ESTIMATES

a. The preparation of financial statements requires estimates and assumptions to be made that affect the a reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period

b. Differences between the actual results and estimates are recognised in the period in which the results are known/materialized

C CONTINGENT LIABILITIES

Contingent Liabilities are not provided for till the same are crystallized

D REVENUE RECOGNINTION

a Interest income is recognised on time proportion basis

b. Revenue is recognised only when it can be reliably measured and it is reasonable to except ultimate collection.

E PROVISION FOR CURRENT AND DEFFERED TAX

a. Provision for current tax is made on the basis of taxable income for the current accounting year determined in accordance with the Income tax Act,1961

b Deferred tax is recognised, subject to consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one period are capable of reversal in one or more subsequent periods


Mar 31, 2014

1 ACCOUNTING CONVENTION

The financial statements are prepared on accrual basis, under the historical cost convention in accordance with the generally accepted accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the requirements of the Companies Act, 1956.

2 FIXED ASSETS

The company has disposed off the fixed asset during the year.

3 DEPRECIATION:

Since the company has disposed off the fixed asset, there is no depreciation.

4 Other Accounting Policies

These are consistent with general accepted Accounting practice.

5 EARNINGS PER SHARE

The earnings per share is calculated by dividing the net profit / (loss) for the year attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year. The company has not issued any potential equity shares.


Mar 31, 2013

1 ACCOUNTING CONVENTION

The financial statements are prepared on accrual basis, under the historical cost convention in accordance with the generally accepted accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the requirements of the Companies Act, 1956.

2 FIXED ASSETS

The fixed assets are valued at cost less accumulated depreciatiion. Depreciation is provided on WDV method at the rates and manner prescribed in the Companies Act, 1956. 3 DEPRECIATION:

3 DEPRECIATION

The company has provided depreciation on its assets on written down value method basis as per the rates provided in Schedule XIV of the Companies Act.

4 Other Accounting Policies

These are consistent with general accepted Accounting practice.

5 EARNINGS PER SHARE

The earnings per share is calculated by dividing the net profit / (loss) for the year attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year. The company has not issued any potential equity shares.

6 CONTINGENT LIABILITIES

As stated by the directors, company does not have any contingent liabilities in the contract Execution/Completion.


Mar 31, 2011

A) Accounting Convention The financial statements are prepared on accrual basis, under the historical cost convention, in accordance with the generally accepted accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the requirements of the Companies Act, 1956. b) Fixed Assets Fixed assets are carried at cost of acquisition less accumulated depreciation. c) Depreciation The Company has provided depreciation on its assets on written down value method basis as per the rates provided in Schedule XIV of the Companies Act. d) Other Accounting Policies These are consistent with general accepted Accounting practice.


Mar 31, 2010

A) Accounting Convention

The financial statements are prepared on accrual basis, under the historical cost convention, in accordance with the generally accepted accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the requirements of the Companies Act, 1956.

b) Fixed Assets

Fixed assets are carried at cost of acquisition less accumulated depreciation.

c) Depreciation

The Company has provided depreciation on its assets on written down value method basis as per the rates provided in Schedule XIV of the Companies Act.

d) Other Accounting Policies

These are consistent with general accepted Accounting practice.