Home  »  Company  »  Ashirwad Capital  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Ashirwad Capital Ltd. Company

Mar 31, 2015

I. BASIS OF ACCOUNTING :

The accounts are maintained under the Historical cost convention on accrual basis as a going concern and comply with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India.

II. INCOME RECOGNITION :

i) Profit & Loss from shares are recognised on settlement dates.

ii) Dividend Income is accounted on receipt basis.

iii) In respect of other heads of income, company follows the accrual basis accounting of such income.

III. FIXED ASSETS & DEPRECIATION :

a. Fixed Assets are stated at cost less accumulated depreciation.

b. Depreciation on Fixed Assets is provided as per written down value method using useful life prescribed in Part C of Schedule II of the Companies Act, 2013.

IV. VALUATION OF INVENTORIES :

During the year the company does not have any inventory.

V. INVESTMENTS :

Long term Quoted and Unquoted Investments are stated at cost of acquisition as reduced by provision for diminution in value, if such diminution is other than temporary.

VI. RETIREMENT BENEFITS :

a) Contribution to Provident and Leave Encashment are charged to Profit & Loss Account every year at actual.

b) Liability for gratuity is accounted on estimated basis.

VII. IMPAIRMENT :

The management periodically assesses using internal sources whether there is any indication that an asset may be impaired. If an asset is impaired, the group recognizes an impairment loss as the excess of the carrying amount of the asset over the recoverable amount.

VIII. TAXATION :

Income Tax Expense comprises of current tax (i.e. amount of tax for the period determined in accordance with the income tax law), deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period). The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been substantially enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future; however, where there is unabsorbed depreciation or carried forward loss under taxation law, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonably/ virtually certain (as the case may be ) to be realised.


Mar 31, 2014

I. BASIS OF ACCOUNTING :

The accounts are maintained under the Historical cost convention on accrual basis as a going concern and comply with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India.

II. INCOME RECOGNITION :

i) Profit & Loss from shares are recognised on settlement dates.

ii) Dividend Income is accounted on receipt basis .

iii) In respect of other heads of income, company follows the accrual basis accounting of such income.

III. FIXED ASSETS & DEPRECIATION :

a. Fixed Assets are stated at cost less accumulated depreciation.

b. Depreciation on Fixed Assets is provided as per written down value method at the rates specified in schedule XIV to the Companies Act, 1956.

IV. VALUATION OF INVENTORIES :

During the year the company does not have any inventory.

V. INVESTMENTS :

Long term Quoted & Unquoted Investments are stated at cost of acquisition as reduced by provision for diminution in value, if such diminution is other than temporary.

VI. RETIREMENT BENEFITS :

a) Contribution to Provident and Leave Encashment are charged to Profit & Loss Account every year at actual.

b) Liability for gratuity is accounted on estimated basis.

VII. IMPAIRMENT :

The management periodically assesses using internal sources whether there is any indication that an asset may be impaired. If an asset is impaired, the group recognizes an impairment loss as the excess of the carrying amount of the asset over the recoverable amount.

VIII. TAXATION :

Income Tax Expense comprises of current tax (i.e. amount of tax for the period determined in accordance with the income tax law), deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period). The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been substantially enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future; however, where there is unabsorbed depreciation or carried forward loss under taxation law, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonably/ virtually certain (as the case may be ) to be realised.


Mar 31, 2013

I. BASIS OF ACCOUNTING :

The accounts are maintained under the Historical cost convention on accrual basis as a going concern and comply with the mandatory Accounting Standards issued by the institute of Chartered Accountants of india.

ii. INCOME RECOGNITION :

i) Proft & Loss from shares are recognised on settlement dates.

ii) Dividend income is accounted on receipt basis .

iii) in respect of other heads of income, company follows the accrual basis accounting of such income.

iii. FIXED ASSETS & DEPRECIATION :

a. Fixed Assets are stated at cost less accumulated depreciation.

b. Depreciation on Fixed Assets is provided as per written down value method at the rates specifed in schedule XIV to the Companies Act, 1956.

iv. VALUATION OF INVENTORIES :

During the year the company does not have any inventory.

v. INVESTMENTS :

Long term Quoted & Unquoted investments are stated at cost of acquisition as reduced by provision for diminution in value, if such diminution is other than temporary.

vi. RETIREMENT BENEFITS :

a) Contribution to Provident and Leave Encashment are charged to Proft & Loss Account every year at actual.

b) Liability for gratuity is accounted on estimated basis.

vii. IMPAIRMENT :

The management periodically assesses using internal sources whether there is any indication that an asset may be impaired. if an asset is impaired, the group recognizes an impairment loss as the excess of the carrying amount of the asset over the recoverable amount.

viii. TAXATION :

Income Tax Expense comprises of current tax (i.e. amount of tax for the period determined in accordance with the income tax law), deferred tax charge or credit (refecting the tax effects of timing differences between accounting income and taxable income for the period) and Fringe Beneft Tax . The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been substantially enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future; however, where there is unabsorbed depreciation or carried forward loss under taxation law, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to refect the amount that is reasonably/virtually certain (as the case may be ) to be realised.


Mar 31, 2012

I. BASIS OF ACCOUNTING :

The accounts are maintained under the Historical cost convention on accrual basis as a going concern and comply with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India.

II. INCOME RECOGNITION :

i) Profit & Loss from shares are recognised on settlement dates.

ii) Dividend Income is accounted on receipt basis.

iii) In respect of other heads of income, company follows the accrual basis accounting of such income.

III. FIXED ASSETS & DEPRECIATION :

a. Fixed Assets are stated at cost less accumulated depreciation.

b. Depreciation on Fixed Assets is provided as per written down value method at the rates specified in schedule XIV to the Companies Act, 1956.

IV. VALUATION OF INVENTORIES :

During the year the company does not have any inventory.

V. INVESTMENTS :

Long term Quoted & Unquoted Investments are stated at cost of acquisition as reduced by provision for diminution in value, if such diminution is other than temporary.

VI. RETIREMENT BENEFITS :

a) Contribution to Provident and Leave Encashment are charged to Profit & Loss Account every year at actual.

b) Liability for gratuity is accounted on estimated basis.

VII. IMPAIRMENT :

The management periodically assesses using internal sources whether there is any indication that an asset may be impaired. If an asset is impaired, the group recognizes an impairment loss as the excess of the carrying amount of the asset over the recoverable amount.

VIII. TAXATION :

Income Tax Expense comprises of current tax (i.e. amount of tax for the period determined in accordance with the income tax law), deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period) and Fringe Benefit Tax. The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates that have been substantially enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future; however, where there is unabsorbed depreciation or carried forward loss under taxation law, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets are reviewed as at each balance sheet date and written down or written up to reflect the amount that is reasonably/virtually certain (as the case may be ) to be realised.


Mar 31, 2011

1. Basis of Accounting:

The accounts are maintained under the Historical cost convention on accrual basis as a going concern and comply with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India.

2. Fixed Assets & Depreciation :

a) Fixed Assets :

All Fixed Assets are stated at cost less depreciation.

b) Depreciation :

Depreciation on Fixed Assets is provided on the written down value method at the rates specified in schedule XIV to the Companies Act, 1956.

3. Inventories:

During the year the company does not have any inventory.

4. Investment:

Long term Quoted & Unquoted Investments are stated at cost of acquisition as reduced by provision for diminution in value, if such diminution is other than temporary.

5. Income Recognition:

i) Profit & Loss from shares are recognised on settlement dates

ii) Dividend Income is accounted on receipt basis

iii) In respect of other heads of income, company follows the accrual basis accounting of such income.

6. Retirement Benefits:

a) Contribution to provident and Leave Encashment are charged to Profit & Loss Account every year at actuals.

b) Liability for gratuity is accounted on estimated basis.

7. Deferred Revenue Expenditure:

Deferred Revenue Expenditure is written off over a period of 5 years. This been the 5th year. The expenses incurred for increasing the Authorised share capital Rs. 107,100/- has been written off for the year.

8. Taxation:

i) Provision for current tax is made in accordance with Income Tax Act, 1961.

ii) Provision for Deferred Tax

Deferred tax resulting from timing difference, being the difference between taxable income & accounting income that originate in one period & capable of reversal in one or more subsequent periods, is recognized at the future tax rates which are enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable or virtual certainty of realisation of such assets in future.


Mar 31, 2010

1. Basis of Accounting:

The accounts are maintained under the Historical cost convention on accrual basis as a going concern and comply with the mandatory Accounting Standards issued by the Institute of Chartered Accountants of India.

2. Fixed Assets & Depreciation:

a) Fixed Assets:

All Fixed Assets are stated at cost less depreciation.

b) Depreciation:

Depreciation on Fixed Assets is provided on the written down value method at the rates specified in schedule XIV to the Companies Act, 1956.

3. Inventories:

During the yearthe company does not have any inventory.

4. Investment:

Long term Quoted & Unquoted Investments are stated at cost of acquisition as reduced by provision for diminution in value, if such diminution is other than temporary.

5. Income Recognition:

i) Profit & Loss from shares are recognised on settlement dates.

ii) Dividend Income is accounted on receipt basis.

iii) In respect of other heads of income, company follows the accrual basis accounting of such income.

6. Retirement Benefits:

a) Contribution to Provident and Leave Encashment are charged to Profit & Loss Account every year at actuals.

b) Liability for gratuity is accounted on estimated basis.

7. Deferred Revenue Expenditure:

Deferred Revenue Expenditure is written off over a period of 5 years. This been the 4th year. The expenses incurred for increasing the Authorised Share Capital Rs. 107,100/- has been written off for the year.

8. Taxation:

i) Provision for Current Tax & Fringe Benefit Tax is made in accordance with Income Tax Act, 1961.

ii) Provision for Deferred Tax

Deferred tax resulting from timing difference, being the difference between taxable income & accounting income that originate in one period & capable of reversal in one or more subsequent periods, is recognized at the future tax rates which are enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is reasonable or virtual certainty of realisation of such assets in future.

 
Subscribe now to get personal finance updates in your inbox!