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Accounting Policies of Alora Trading Company Ltd. Company

Mar 31, 2015

A. Method of Accounting:

The Financial Statements are prepared under the historical cost convention and in accordance with the applicable Accounting Standards and accepted business practices.

b. Revenue Recognition:

All revenues, costs, assets and liabilities are accounted for on accrual basis, except claims received/paid.

c. Investments:

Long Term Investments are stated at cost.

d. Income from Investments:

Dividend on investment is accounted for in the year of receipt.

e. Valuation of Inventory:

Valuation of closing stock of Cars has been made at cost or estimated market value whichever is less. Market value of cars have been estimated by the Management after consideration of fall in the market value, or diminution of value suffered on account of use of cars on hire or on account of fall in their maket value on arrival of new and latest imported models/makes.

f. Contingent Liabilities:

Disputed liabilities and claims by Taxation Authorities pending in appeals are treated as contingent liabilities and not provided for has been shown by way of notes.

g. Taxes on Income:

Tax expenses for the relevant period comprises of current tax and deferred tax. Deferred tax is recognized, subject to consideration of prudence, on all timing difference between taxable income and accounting income that originate in one period and are capable of being reversed in one or more subsequent periods. The accumulated deferred tax liability is adjusted by applying the tax rates and tax laws applicable at the year end.








Mar 31, 2012

(a) Method of Accounting

The Financial Statements are prepared under the historical cost convention and in accordance with the applicable Accounting Standards and accepted business practices.

(b) Revenue Recognition

All revenues, costs, assets and liabilities are accounted for on accrual basis, except claims received/paid.

(c) Investment

Long Term Investments are stated at cost.

(d) Income from Investments

Dividend on investment are accounted for in the year of receipt.

(e) Valuation of inventory

Valuation of closing stock of Cars has been made at cost or estimated market value whichever is less.

(f) Contingent Liabilities

Disputed liabilities and claims by Taxation Authorities pending in appeals are treated as contingent liabilities and not provided for has been shown by way of notes.

(g) Taxes on Income

Tax expenses for the relevant period comprises of current tax and deferred tax. Deferred tax is recognized, subject to consideration of prudance, on all timing difference between taxable income and accounting income that originate in one period and are capable of being reversed in one or more subsequent periods. The accumulated deferred tax liability is adjusted by applying the tax rates and tax laws applicable at the year end.



 
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