Mar 31, 2015
1. Basis of preparation:
The financial statements are prepared under the historical cost
convention in accordance with Generally Accepted Accounting Principles
(GAAP), and materially comply with the mandatory accounting standards
issued by the Institute of Chartered Accountants of India and the
provisions of the Companies Act, 2013. All income and expenditure
having a material bearing on the financial statements are recognized on
the accrual basis.
2. Revenue recognition:
Income from hire purchase advances are accounted by adopting internal
rate of return method for the installments due as per the agreement.
3. Depreciation:
Depreciation on fixed assets is provided using the Written down Value
method, based on rates specified in as per Part "C"of schedule II of
the Companies Act 2013. Depreciation is charged on a pro-rata basis for
assets purchased/sold during the year. Individual assets costing Rs.
5,000 or less are depreciated in full in the year of purchase.
4. Investments:
Investments are stated at the lower of cost or market value. Any
decline in the value of investments other than temporary is charged to
the Profit and Loss Account.
5. Stock on Hire:
Stock on hire has been valued at the amount advanced less installments
received.
Mar 31, 2013
1. Basis of preparation:
The financial statements are prepared under the historical cost
convention in accordance with Generally Accepted Accounting Principles
(GAAP), and materially comply with the mandatory accounting standards
issued by the Institute of Chartered Accountants of India and the
provisions of the Companies Act, 1956. All income and expenditure
having a material bearing on the financial statements are recognized on
the accrual basis.
2. Revenue recognition:
Income from hire purchase advances are accounted by adopting internal
rate of return method for the installments due as per the agreement.
3. Depreciation:
Depreciation on fixed assets is provided using the Written Down Value
method, based on rates specified in Schedule XIV to the Companies Act,
1956. Depreciation is charged on a pro-rata basis for assets
purchased/sold during the year. Individual assets costing Rs.5,000 or
less are depreciated in full in the year of purchase.
4. Investments:
Investments are stated at the lower of cost or market value. Any
decline in the value of investments other than temporary is charged to
the Profit and Loss Account.
5. Stock on Hire:
Stock on hire has been valued at the amount advanced less installments
received.
Mar 31, 2012
1. Basis of preparation:
The financial statements are prepared under the historical cost
convention in accordance with Generally Accepted Accounting Principles
(GAAP), and materially comply with the mandatory accounting standards
issued by the Institute of Chartered Accountants of India and the
provisions of the Companies Act, 1956. All income and expenditure
having a material bearing on the financial statements are recognized on
the accrual basis.
2. Revenue recognition:
Income from hire purchase advances are accounted by adopting internal
rate of return method for the installments due as per the agreement.
3. Depreciation:
Depreciation on fixed assets is provided using the Written Down Value
method, based on rates specified in Schedule XIV to the Companies Act,
1956. Depreciation is charged on a pro-rata basis for assets
purchased/sold during the year. Individual assets costing Rs.5,000 or
less are depreciated in full in the year of purchase.
4. Investments:
Investments are stated at the lower of cost or market value. Any
decline in the value of investments other than temporary is charged to
the Profit and Loss Account..
5. Stock on Hire:
Stock on hire has been valued at the amount advanced less installments
received.
Mar 31, 2011
1. Basis of preparation:
The financial statements are prepared under the historical cost
convention in accordance with Generally Accepted Accounting Principles
(GAAP), and materially comply with the mandatory accounting standards
issued by the Institute of Chartered Accountants of India and the
provisions of the Companies Act, 1956. All income and expenditure
having a material bearing on the financial statements are recognized on
the accrual basis.
2. Revenue recognition:
Income from hire purchase advances are accounted by adopting internal
rate of return method for the installments due as per the agreement.
3. Depreciation:
Depreciation on fixed assets is provided using the Written Down Value
method, based on rates specified in Schedule XIV to the Companies Act,
1956. Depreciation is charged on a pro-rata basis for assets
purchased/sold during the year. Individual assets costing Rs.5,000 or
less are depreciated in full in the year of purchase.
4. Investments:
Investments are stated at the lower of cost or market value. Any
decline in the value of investments other than temporary is charged to
the Profit and Loss Account.
Mar 31, 2010
1 The Financial Statements are prepared in accordance with the
historical cost convention and applicable accounting standards.
2 Accrual method of accounting is followed with regard to Income and
Expenses.
3 Income from Hire Purchase Advances are accounted by adopting Internal
Rate of Return Method for the Instalments due as per the Agreement.
4 Fixed Assets are stated at cost less Depreciation.
5 Depreciation has been provided on the written down value method at
the rates specified (on prorata basis) in Schedule XIV of the Companies
Act, 1956.
6 Stock on Hire has been valued at the amount advanced less instalments
received.
7 Investments are stated at cost. (Market Value of Listed Shares Rs.
38,22,215/-.)
9 Expenditure in Foreign Currency: NIL.