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Accounting Policies of Abhishek Finlease Ltd. Company

Mar 31, 2014

1. BASIS OF ACCOUNTING :-

a) The financial statements have been prepared under historical cost concept and on accrual basis, unless otherwise stated.

b) All the purchase of shares and securities by the company are with a view of trading except Shares purchased for investment purpose.

2. REVENUE :-

a) Interests on Loan''s granted are accounted for on accrual basis. However interest on loans treated as NPA, Substandard & Doubtful recognised only if and when it is actually realised.

b) The income in respect of dividend from shares is accounted for on cash basis.

c) Expenses incurred on legal proceedings for recovery of loans and for realisation of security for loans are charged to revenue account.

3. INVESTMENTS

Long Term investments are stated at cost.

4. FIXED ASSETS & DEPRECIATION

Fixed assets are stated at their cost of acquisition including cost of installation and related cost.

The depreciation has been provided on written down value method (W.D.V.) at the rates specified in Schedule XIV to the Companies Act, 1956. On additions, pro-rata depreciation has been provided.

5. INVENTORIES :-

Stock in trade of shares and securities is valued at cost or market value whichever is lower (where market value is available) however market quotation/values of some of the stock of shares and securities is not available therefore such shares and securities have been valued at cost and other have been valued at net realizable value estimated by the management without verification there of.


Mar 31, 2013

1. BASIS OF ACCOUNTING

a) The financial statements have been prepared under historical cost concept and on accrual basis, unless otherwise stated.

b) All the purchase of shares and securities by the company are with a view of trading except Shares purchased for investment purpose.

2. REVENUE

a) Interests on Loans granted are accounted for on accrual basis. However interest on loans treated as NPA, Substandard & Doubtful recognised only if and when it is actually realised.

b) The income in respect of dividend from shares is accounted for on cash basis.

c) Expenses incurred on legal proceedings for recovery of loans and for realisation of security for 'loans are charged to revenue account.

3. INVESTMENTS

Long Term investments are stated at cost.

4. FIXED ASSETS & DEPRECIATION *

Fixed assets are stated at their cost of acquisition including cost of installation and related cost. The depreciation has been provided on written down value method ( W.D.V. ) at the rates specified in Schedule XIV to the Companies Act, 1956. On additions, pro-rata depreciation has been provided.

5. INVENTORIES,

Stock in trade of shares and securities is valued at cost or market value whichever is lower (where market value is available) however market quotation/values of some of the stock of shares and securities is not available therefore such shares and securities have been valued at cost and other have been valued at net realizable value estimated by the management without verification there of.


Mar 31, 2012

1. BASIS OF ACCOUNTING

a) The financial statements have been prepared under historical cost concept and on accrual basis, unless otherwise stated.

b) All the purchase of shares and securities by the company are with a view of trading except Shares purchased for investment purpose.

2. REVENUE

a) Interests on Loans granted are accounted for on accrual basis. However interest on loans treated as NPA, Substandard & Doubtful recognised only if and when it is actually realised.

b) The income in respect of dividend from Shares is accounted for on cash basis.

c) Expenses incurred on legal proceedings for recovery of loans and for realisation of security for loans are charged to revenue account.

3. INVESTMENTS

Long Term investments are stated at cost.

4. FIXED ASSETS & DEPRECIATION

Fixed assets are stated at their cost of acquisition including cost of installation and related cost. The depreciation has been provided on written down value method ( W.D.V.) at the rates specified in Schedule XIV to the Companies Act, 1956. On additions, pro- rata depreciation has been provided.

5. INVENTORIES

Stock in trade of shares and securities is valued at cost dr market value whichever is lower (where market value is available) however market quotation/values of some of the stock of shares and securities is not available therefore such shares and securities have been Valued at cost and other have been valued at net realizable value estimated by the management without verification there of.

 
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