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Accounting Policies of Ardi Investment & Trading Company Ltd. Company

Mar 31, 2012

1. General Information

Ardi Investment And Trading Co. Ltd , incorporated on 01st August 1981, with the Registrar of Companies, Maharashtra.

2. Summary Of Significant Accounting Policies

2.1 Basis Of Preparation Of Financial Statements (AS-1)

The Financial statements have been prepared under the historical cost convention on the accrual basis in accordance with Generally Accepted Accounting Principles in India, and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of .the Companies Act, 1956. Accounting standards have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. Management evaluates all recently issued or revised accounting standards on an ongoing basis. The fundamental assumptions i.e Going concern, Consistency and accrual has been followed.

2.2 Use Of Estimates

The preparation of financial statements requires estimates and assumptions to be made that affect 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 recognised in the period in which the results are known/ materialized.

2.3 Revenue Recognition (AS-9)

2.3.1 Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection.

23.2 Direct fiscal duties and taxes are charged out as an expense in the year in which they are paid or provided.

2.4 Retirement & Other Employee Benefits (AS-15)

2.4.1 Provident Fund

Employees receive benefits from a provident fund, which is a defined contribution plan. Both the employee and the company make monthly contributions to the Employee''s Provident Fund equal to the specified percentage of the covered employee''s salary. The company has no further obligation beyond its monthly contributions.

2.4.2 Gratuity The company has not made and provision for gratuity liability but the provision will be made as and when it will be recognized.

2. 4 .3 Leave Encashment As per the employment policy of the company, employees are required to avail their annual leave by the year end of the respective financial year and a provision have been made for leave balance as at the year end.

2. 5 Taxes On Income (AS-22)

2.5.1 Currents tax is determined, under the at payable method based on the liability as computed after taking credit for allowances and exemptions. Adjustments in books are made only after the completion of the assessment

2.5.2 Deferred tax is recognised, subject to the consideration of Prudence, on timing differences, being the difference between taxable incomes and accounting income, that originate in one period and reverse in one or more subsequent periods.

2.6 Provisions

Provisions are recognized when the company has present legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made for the amount of the obligation.


Mar 31, 2011

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS AS-1)

The Financial statements have been prepared under the historical cost convention on the accrual basis in accordance with Generally Accepted Accounting Principles in India, and materially comply with the mandatory accounting standards issued by the Institute of Chartered Accountants of India (ICAIJ and the provisions of the Companies Act, 1956. Accounting standards have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. Management evaluates all recently issued or revised accounting standards on an ongoing basis.

2. TAXES ON INCOME AS-22)

i) Current tax is determined, under the tax payable method based on the liability as computed after taking credit for allowances and exemptions. Adjustments in books are made only after the completion of the assessment

ii) Deferred tax is recognized, subject to the consideration of prudence, on timing differences, being the difference between taxable incomes and accounting income, that originate in one period and reverse in one or more subsequent periods.

3. RELATED PARTY

Related party disclosure under accounting standard-18 issued by 1CAI is not applicable Th ere is no related part transaction.

 
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