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Accounting Policies of Alan Scott Industries Ltd. Company

Mar 31, 2014

A) BASIS OF ACCOUNTING :

The Financial statements are prepared on the historical cost convention on the going concern basis and in accordance with generally accepted accounting principles.

b) FIXED ASSETS:

Fixed Assets are stated at cost less accumulated depreciation. Cost includes the acquisition cost and any cost attributable to bringing the assets to working condition for its intended use.

c) DEPRECIATION:

Depreciation on fixed Assets is provided at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956 on straight -line method.

d) INVENTORIES:

The Stock of Shares is valued at cost or market value whichever is lower

e) RETIREMENT BENEFITS:

The company has been advised that the provisions relating to Retirement Benefits, as stated in Accounting Standard 15, are not applicable to the company.

f) REVENUE RECOGNITION

i) In case of share trading, only net results are shown in the books.

ii) In Futures & Options, only the net results are shown i.e. profit or loss is shown.


Mar 31, 2013

A) BASIS OF ACCOUNTING :

The Financial statements are prepared on the historical cost convention on the going concern basis and in accordance with generally accepted accounting principles.

b) FIXED ASSETS:

Fixed Assets are stated at cost less accumulated depreciation. Cost includes the acquisition cost and any cost attributable to bringing the assets to working condition for its intended use.

c) DEPRECIATION:

Depreciation on fixed Assets is provided at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956 on straight -line method.

d) INVENTORIES :

The Stock of Shares is valued at cost or market value whichever is lower

e) RETIREMENT BENEFITS:

The company has been advised that the provisions relating to Retirement Benefits, as stated in Accounting Standard 15, are not applicable to the company.

f) REVENUE RECOGNITION

i) In case of share trading, only net results are shown in the books.

ii) In Futures & Options, only the net results are shown i.e. profit or loss is shown.


Mar 31, 2012

A) BASIS OF ACCOUNTING :

The Financial statements are prepared on the historical cost convention on the going concern basis and in accordance with generally accepted accounting principles.

b) FIXED ASSETS :

Fixed Assets are stated at cost less accumulated depreciation. Cost includes the acquisition cost and any cost attributable to bringing the assets to working condition for its intended use.

c) DEPRECIATION:

Depreciation on fixed Assets is provided at the rates and in the manner prescribed in Schedule XIV to the Companies Act, 1956 on straight -line method.

d) INVENTORIES:

The Stock of Shares is valued at cost or market value whichever is lower

e) RETIREMENT BENEFITS :

The company has been advised that the provisions relating to Retirement Benefits, as stated in Accounting Standard 15, are not applicable to the company.

f) REVENUE RECOGNITION

i) In case of share trading, only net results are shown in the books.

ii) In Futures & Options, only the net results are shown i.e. profit or loss is shown.

 
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