Home  »  Company  »  Amani Trading & Expo  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Amani Trading & Exports Ltd. Company

Mar 31, 2014

A) Method gf Accounting

Accounts have been prepared on the basis of historical costs and on the basis of a going concern with revenues considered and expenses accounted wherever possible on their accrual, including provisions/ adjustments for committed obligation.

b) Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles (''GAAP'') requires management to make estimates and . assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent Liabilities on the date of the financial statements Actual results could differ from those estimates. Any revision of accounting estimates is recognized prospectively in current and future periods.

C) Fixed Assets and Depreciation :

Fixed assets .are accounted at the cost-of acquisition. They.are stated at historical cost less accumulated depreciation.

Depreciation on fixed assets for the year has been provided on written down value method at the rates and manner prescribed in Schedule XIV of the Companies Act, 1956

d) Investments

Investments of the company are long-term. The same are .valued at the cost of acquisition. Decline in the value of .permanent nature, as per the requirements of Accounting Standard (AS-13) issued by The Institute of Chartered-Accountants of India, is provided. Dividend on investments is accounted for as and when received.

e) Sales

The company recognizes sales of goods on transferring property of underlying goods to customers.

f) Employee benefits :

i) - Gratuity;

Liabilities of gratuity is determined as perthe provision of Gratuity Act who have completed the. requisite period required for being eligible for Retirement benefits under the payment of Gratuity Apt, 1972.

ii) Leave with pay:

Provision for leave with pay has been made on the basis of balance of leave to the credit of employees at the balance sheet date

g) Recognition of Income and Expenditure :

Income and expenditure are recognised on ''accrual basis

H)INVENTORIES ARE VALUED AT COST.

i) Taxes on Income :

Income tax provision comprises current tax provision and deferred tax provision.

Current tax provision-is made annually based on the tax liability computed after considering tax allowances and deductions.

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such -deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balances Sheet date.

Deferred tax assets are recognised and carried forward to the extent-that there is a, reasonable/virtual certainty that sufficient future taxable ''income will be available against which such deferred tax assets can be realised.

j) Impairment loss .

Impairment ioss is provided to the extent the carrying amount of assets exceeds their recoverable amounts, Recoverable amount is the higher of an asset''s net selling price and its value! Value in use is the present value of estimated future cash flows expected to arise from the continuing use of the asset and from its disposal at the end of its useful life. Net selling price is the amount obtainable from sale of the assetIn the arm''s length transaction between knowledgeable, willing parties, less the costs of disposal.

k) Provisions and contingencies

Provisions are recognised when the company has a legal and constructive obligation as a result of a past event, for which it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are disclosed when the company has a possible or present obligation where it is not probable that an outflow of resources will be required to settle it. Contingent assets are-neither recognised nor disclosed.


Mar 31, 2013

1. ACCOUNTING POLICIES :

a) Method of Accounting :

Accounts have been prepared on the basis of historical costs and on the basis of a going concern with revenues considered and expenses accounted wherever possible on their accrual including provisions/adjustments for committed obligation.

b) Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles (''GAAP'') requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities on the date of the financial statements. Actual results could differ from those estimates. Any revision of accounting estimates is recognized prospectively in current and future periods.

c) Fixed Assets and Depreciation :

Fixed assets are accounted at the cost of acquisition. They are stated at historical cost less accumulated depreciation. Depreciation on fixed assets for the year has been provided on written down value method at the rates and manner prescribed in Schedule XIV of the Companies Act, 1956.

d) Investments :

Investments of the company are long-term. The same are valued at the cost of acquisition. Decline in the value of permanent nature, as per the requirements of Accounting Standard (AS-13) issued by The Institute of Chartered Accountants of India, is provided. Dividend on investments is accounted for as and when received.

e) Sales :

The company recognizes sales of goods on transferring property of underlying goods to customers.

f) Employee benefits :

i) Gratuity:

Liabilities of gratuity is determined as per the provision of Gratuity Act who have completed the requisite period required for being eligible for Retirement benefits under the payment of Gratuity Act, 1972.

ii) Leave with pay ;

Provision for leave with pay has been made on the basis of balance of leave to the credit of employees at the balance sheet date.

g) Recognition of Income and Expenditure

Income and expenditure are recognised on accrual basis. h) Inventories are valued at cost.

i) Taxes on Income :

Income tax provision comprises current tax provision and deferred tax provision. Current tax provision is made annually based on the tax liability computed after considering tax allowances and deductions.

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balances Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a reasonable/virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

j) Impairment loss

Impairment loss is provided to the extent the carrying amount of assets exceeds their recoverable amounts. Recoverable amount is the higher of an asset''s net selling price and its value. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of the asset and from its disposal at the end of its useful life. Net selling price is the amount obtainable from sale of the asset in the arm''s length transaction between knowledgeable, willing parties, less the costs of disposal.

k) Provisions and contingencies

Provisions are recognised when the company has a legal and constructive obligation as a result of a past event, for which it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are disclosed when the company has a possible or present obligation where it is not probable that an outflow of resources will be required to settle it. Contingent assets are neither recognised nor disclosed.


Mar 31, 2012

A) Method of Accounting :

Accounts have been prepared on the basis of historical costs and on the basis of a going concern with revenues considered and expenses accounted wherever possible on their accrual including provisions/adjustments for committed obligation.

b) Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles ('GAAP') requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities on the date of the financial statements. Actual results could differ from those estimates. Any revision of accounting estimates is recognized prospectively in current and future periods.

c) Fixed Assets and Depreciation :

Fixed assets are accounted at the cost of acquisition. They are stated at historical cost less accumulated depredation. Depreciation on fixed assets for the year has been provided on written down value method at the rates and manner prescribed in Schedule XIV of the Companies Act, 1956.

d) Investments :

Investments of the company are long-term. The same are valued at the cost of acquisition. Decline in the value of permanent nature, as per the requirements of Accounting Standard (AS-13) issued by The Institute of Chartered Accountants of India, is provided. Dividend on investments is accounted for as and when received.

e) Sales :

The company recognizes sales of goods on transferring property of underlying goods to customers.

f) Employee benefits :

i) Gratuity :

Liabilities of gratuity is determined as per the provision of Gratuity Act who have completed the requisite period required for being eligible for Retirement benefits under the payment of Gratuity Act, 1972.

ii) Leave with pay :

Provision for leave with pay has been made on the basis of balance of leave to the credit of employees at the balance sheet date.

g) Recognition of Income and Expenditure

Income and expenditure are recognised on accrual basis.

h) Inventories are vaiued at cost.

i) Taxes on Income :

Income tax provision comprises current tax provision and deferred tax provision.

Current tax provision is made annually based on the tax liability computed after considering tax allowances and deductions.

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balances Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a reasonable/virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

j) Impairment loss

Impairment loss is provided to the extent the carrying amount of assets exceeds their recoverable amounts. Recoverable amount is the higher of an asset's net selling price and its value. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of the asset and from its disposal at the end of its useful life, Net selling price is the amount obtainable from sale of the asset in the arm's length transaction between knowledgeable, willing parties, less the costs of disposal.

k) Provisions and contingencies

Provisions are recognised when the company has a legal and constructive obligation as a result of a .past event, for which it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are disclosed when the company has a possible or present obligation where it is not probable that an outflow of resources will be required to settle it. Contingent assets are neither recognised nor disclosed.


Mar 31, 2010

1. Method of Accounting :

Accounts have been prepared on the basis of historical costs and on the basis of a going concern with revenues considered and expenses accounted wherever possible on their accrual including provisions/adjustments for committed obligation.

2. Use of Estimates

The preparation of financial statements requires estimates and assumptions to be made that effect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period which the result are known / materialized.

j. Fixed Assets and Depreciation:

Fixed assets are accounted at the cost of requisition. They are stated at historical cost less accumulated depreciation. Depreciation on fixed assets for the year has been provided on written down value method at the rates and manner prescribed in Schedule XIV of the Companies Act, 1956.

4. Investments :

Investments of the company are long-term. The same are valued at the cost of acquisition. Decline in the value of permanent nature, as per the requirements of Accounting Standard (AS-13) issued by The Institute of Chartered Accountants of India, is provided. Dividend on investments is accounted for as and when received.

5. Sales :

The company recognizes sales of goods or. transferring property of underlying goods to customers.

6. Employee benefits:

i) Gratuity:

Liabilities of gratuity is determined as per the provision of Gratuity Act who have completed the requisite period required for being eligible for Retirement benefits under the payment of Gratuity Act, 1972.

ii) Leave with pay :

Provision for leave with pay has been made on the basis of balance of leave to ihe credit of employees at the balance sheet date.

7. Recognition of income and Expenditure income and expenditure are recognised on accrual basis.

8. Inventories are valued at cost.

9. Taxes on Income :

Income tux provision. comprises current tax piovision and dufomxl tax provision Current tax provision is made annually based on the tax liability computed after considering tax allowances and deductions.

Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balances Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a reasonable/virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

10. Impairment loss:

Impairment loss is provided to the extent the carrying amount of assets exceeds their recoverable amounts. Recoverable amount is the higher of an assets net selling price and its value. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of the asset and from its disposal at the end of its useful life. Net selling p. ice is the amount obtainable from sale of the asset in the arms length transaction between knowledgeable, willing parties, less the costs of disposal.

11. Provisions and contingencies

Provisions are recognised when the company has a legal and constructive obligation as a result of a past event, for which it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are disclosed when the company has a possible or present obligation where it is not probable that an outflow of resources will be required to settle it. Contingent assets are neither recognised nor disclosed.


Mar 31, 2009

1 Method of Accounting :

Accounts have been prepared on the basis of historical costs and on the basis of a going concern with revenues considered and expenses accounted wherever possible on their accrual including provisions/adjustments for committed obligation.

2 Use of Estimates

The preparation of financial statements requires estimates and assumptions to be made that effect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in tte period which the result are known / materialized.

3. Fixed Assets and Depreciation :

Fixed assets are accounted at the cost of acquisition. They are stated at historical cost less accumulated depreciation. Depreciation on fixed assets for the year has been provided on written down value method at the rates and manner prescribed in Schedule XIV of the Companies Act, 1956.

4. Investments :

Investments of the company are long-term investments and are accounted at cost of acquisition. Dividend income on investments in share is accounted as and when received.

5. Sales :

The company recognizes sales of goods on transferring property of underlying goods to customers.

6. Employee benefits:

i) Gratuity :

Liabilities of gratuity is determined as per the provision of Gratuity Act who have completed the requisite period required for being eligible for Retirement benefits under the payment of Gratuity Act, 1972.

ii) Leave with pay :

Provision for leave with pay has been made on the basis of balance of leave to the credit of employees at the balance sheet date.

7. Inventories are valued at cost.

8. Taxes on Income :

Income tax provision comprises current tax provision and deferred tax provision. Current tax provision is made annually based on the tax liability computed after considering tax allowances and deductions. Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balances Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a reasonable/virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

9. Impairment loss :

Impairment loss is provided to the extent the carrying amount of assets exceeds their recoverable amounts. Recoverable amount is the higher of an assets net selling price and its value. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of the asset and from its disposal at the end of its useful life. Net selling price is the amount obtainable from sale of the asset in the arms length transaction between knowledgeable, willing parties, less the costs of disposal.

10. Provisions and contingencies

Provisions are recognised when the company has a legal and constructive obligation as a result of a past event, for which it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are disclosed when the company has a possible or present obligation where it is not probable that an outflow of resources will be required to settle it. Contingent assets are neither recognised nor disclosed.

 
Subscribe now to get personal finance updates in your inbox!