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Accounting Policies of Alna Trading & Exports Ltd. Company

Mar 31, 2014

A) Basis of Accounts

The financial statements have been prepared under the Historical Cost Convention in accordance with normally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the company.

b) Fixed Assets

Fixed Assets arc stated at Acquisition Cost less accumulated Depreciation.

c) Depreciation

Depreciation on Fixed Assets is provided on the Written Down Value Method at the rates and in the manner prescribed by Schedule XIV to the Companies Act, 1956.

d) Investments

Long term Investments are stated at cost. Provision for diminution in the value of investments is made only if such diminution is not of temporary in the opinion of the Management.

e) Revenue Recognition

All Income and expenditure items having a material bearing on the Financial Statements are generally recognised on accrual basis except export incentive which is accounted on cash basis.

f) Accounting for Foreign Currency Transaction:

i) Transactions denominated in foreign currencies are normally recorded at the exchange rates prevailing at the date of transaction. Any gain or toss arising on settlement is transferred to Profit & Loss Account.

ii) Monetary items denominated in foreign currencies at the year end and not covered by the forward exchange contracts are translated at the year end rates. Any gain or loss on settlement of transaction of foreign currency is transferred to Profit & Loss Statement.

g) Provision for Taxation

i) Provision for Taxation is made on the basis of Current Tax Payable method as calculated on the basis of provision of the Income Tax Act, 1961.

ii) Deferred tax is recognised on timing difference, being the difference between taxable income and accounting income that originates in one period and or capable of reversal in one or more subsequent periods.


Mar 31, 2013

A) Basis of Accounts

The financial statements have been prepared under the Historical Cost Convention in accordance with normally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the company.

b) Fixed Assets

Fixed Assets are stated at Acquisition Cost less accumulated Depreciation.

c) Depredation

Depreciation on Fixed Assets is provided on the Written- Down Value Method at the rates and in the manner prescribed by Schedule XIV to the Companies Act, 1956.

d) Investments

Long term Investments are stated at cost. Provision for diminution in the value of investments is made only if such diminution is not of temporary in the opinion of the Management.

e) Revenue Recognition

Alt income and expenditure items having a material bearing on the Financial Statements are generous recognised on accrual basis except export incentive which is accounted on cash basis.

f) Accounting for Foreign Currency Transaction:

i) Transactions denominated in foreign currencies are normally recorded at the exchange rates prevailing at the date of transaction. Any gain or loss arising on settlement is transferred to Profit 6 Loss Account.

ii) Monetary items denominated in foreign currencies at the year end and not covered by the forward exchange contracts are translated at the year end rates. Any gain or loss on settlement of transaction of foreign currency is transferred to Profit & Loss Statement

g) Provision for Taxation

i) Provision for Taxation is made on the basis of Current Tax Payable method as calculated on the basis of provision of the Income Tax Act, 1961.

ii) Deferred tax is recognised on timing difference, being the difference between taxable income and accounting income that originates in one period and or capable of reversal in one or more subsequent periods.


Mar 31, 2012

A) Basts of Accounts

The financial statements have been prepared under the Historical Cost Convention in accordance with normally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the company.

b) Fixed Assets

Fixed Assets are stated at Acquisition Cost less accumulated Depreciation.

c) Depredation

Depreciation on Fixed Assets is provided on the Written Down Value Method at the rates and in the manner audited by Schedule XIV to the Companies Act, 1956.

d) Investments

tons trail investments are stated at cost. Provision for diminution in the value of Investments is made only if such diminution is not of temporary in the opinion of the Management,

e) Revenue Recognition

All income and expenditure items having a material bearing on the Financial Statements are generally recognized on accrual basis except export incentive with attuned 011 cash basis.

f) Accounting for Forging Currency Transaction:

f) Transactions denominated in foreign currents are normally recorded at the exchange rates prevailing at the dare of transaction. Any gain or loss arising on settlement is transferred to Profit & Loss Account.

ii) Monetary items denominated in foreign currencies at the year end and not covered by the forward exchange contracts are translated at the year end rates. Any gain or loss on settlement of transaction of foreign currency is transferred to Profit & Loss Statement.

g) Provision for Taxation

i) Provision for Taxation is made on the basis of Current Tax Payable method as calculated on the basis of provision of the Income Tax Act, 1961.

ii) Deferred tax is recognized on timing difference, being the difference between taxable income and accounting income that originates in one period and or capable of reversal in one or more subsequent periods.


Mar 31, 2010

A) Basis of Accounts

The financial statements have been prepared under the Historical Cost Convention in accordance with normally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the company.

b) Fixed Assets

Fixed Assets are stated at Acquisition Cost less accumulated Depreciation.

c) Depreciation

Depreciation on Fixed Assets is provided on the Written Down Value Method at the rates and in the manner prescribed by Schedule XIV to the Companies Act, 1956.

d) Investments

Long term Investments are stated at cost. Provision for diminution in the value of investments is made only if such diminution is not of temporary in the opinion of the Management.

e) Revenue Recognition

All income and expenditure items having a material bearing on the Financial Statements are generally recognised on accrual basis except export incentive which is accounted on cash basis.

f accounting for Foreign Currency Transaction:

i) transactions denominated in foreign currencies are normally recorded at the exchange rates prevailing at the date of transaction. Any gain or loss arising on settlement is transferred to Profit & Loss Account.

ii) Monetary items denominated in foreign currencies at the year end and not covered by the forward exchange contracts are translated at the year end rates. Any gain or loss on settlement of transaction of foreign currency is transferred to Profit & Loss Account.

g) Provision for Taxation

i) Provision for Taxation is made on the basis of Current Tax Payable method as calculated on the basis of provision of the Income Tax Act, 1961.

ii) Deferred tax is recognised on timing difference, being the difference between taxable income and accounting income that originates in one period and or capable of reversal in one or more subsequent periods.

Notes: 1) The company has not received information front vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amount unpaid as at the year end together with interest paid/payable under this act have not been given

 
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