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

Accounting Policies of Atlanta Devcon Ltd. Company

Mar 31, 2015

A) Basis Of Preparation:

The accounts have been prepared as per mercantile system of accounting and on the basis of Going Concern, in conformity with the accounting principles generally accepted in India and comply with the accounting standards referred to in Section. 211(3C) of the Companies Act, 1956 of India.

b) Taxes on Income

Current Tax is determined as the amount of Tax payable in respect of Taxable Income for the year.

c) General

Accounting Policies not specifically mentioned herewith are consistent with generally accepted accounting practice.


Mar 31, 2014

Not Available.


Mar 31, 2012

A) The financial statements have been prepared under the historical cost convention and on the basis of going concern. The system of accounting followed is mercantile system in accordance with generally accepted Accounting Principles and the provisions of the Companies Act, 1956 not specifically referred to, are consistent with Generally Accepted Accounting Principles followed by the Company The Company has complied with the Accounting standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956 in the preparation of its profit and Loss Account and the Balance Sheet.

b) Fixed Assets / Depreciation During the year, all the Fixed Assets have been sold. Under the circumstances, the matters of showing costs and the method of calculation of depreciation is not applicable to the company for current year.

c) Foreign Currency Transactions :

Foreign exchange transactions are normally recorded at the exchange rate prevailing at the time of transaction. Any Income or Expenditure on account of exchange difference either on settlement or on Translation is recognized in Profit or Loss Account. However there are no such transaction during the year.

d) Inventories There being no stocks as on date of Balance Sheet, this matter is also not applicable.

e) Sundry Creditors / Debtors As mentioned in last year's report, the details of Sundry Creditors & Deb for's were not available with the company. During the year the company has gathered such details and have cleared all those accounts. Thus, at the close of the year, no amounts are outstanding under the these heads. The creditors, which are shown in the Balance Sheet are for the current activities of the company.

f) Retirement Benefits

No employee of the company is eligible for cover under the Employees Provident Fund Schemes administered by the Regional Provident Fund Commissioner and also the provisions of the Payment of Gratuity Act and hence no provision for the same is made in the accounts. The Employees State Insurance Scheme is not applicable to the Company.

g) Accounting for Taxes on Income :

Provision for income tax is not made, due to loss of the year.


Mar 31, 2010

Accounting Policy

a) The financial statements have been prepared under the historical cost convention and on the basis of going concern. The system of accounting followed is mercantile system in accordance with generally accepted Accounting Principles and the provisions of the Companies Act, 1956 not specifically referred to, are consistent with Generally Accepted Accounting Principles followed by the Company The Company has complied with the . Accounting standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956 in the preparation of its profit and Loss Account and the Balance Sheet.

b) Fixed Assets.

Fixed Assets are accounted for on historical basis inclusive of inward freight, duties, taxes and incidental expenses relating to acquisition, installation erection etc, less accumulated depreciation. Fixed Assets whose individual cost does not exceed an amount of Rs.5,000/- are depreciated fully in the year of acquisition. Software which does not have any enduring benefit is expensed in the year of purchase.

c) Depreciation

Depreciation on Fixed Assets has been provided on Straight Line method in accordance with Schedule XIV of Companies Act, 1956. Depreciation on addition/ deletion during the period is provided on pro-rata basis.

d) Foreign Currency Transactions

Foreign exchange transactions are normally recorded at the exchange rate prevailing at the time of transaction. Any Income or Expenditure on account of exchange difference either on settlement or on Translation is recognized in Profit or Loss Account.

e) Inventories

Inventories are valued at lower of cost and net realisable value after providing for obsolescence. In the case of raw materials, Stores & Spares, Cost represents purchase price and, other cost incurred for bringing inventories up to their present location and condition. In the case of manufacturing work in process and finished goods, cost represents the cost of Raw material and the cost of conversion such as direct labour, direct expenses attributable to the units of production. Cost of raw materials, packing materials and consumable stores are determined on FIFO basis. Damaged, unserviceable and inert stocks are suitably valued at bring it to realizable value.

i Raw materials and Consumable - At cost

ii Semi finished Goods - At cost or net realizable value

iii Finished Goods - At lower of cost or net realizable value

iv Traded Goods - At lower of cost (including all local taxes) or net realizable value

f) Recognition of Income & Expenditure

All expenses and income are accounted for on mercantile basis except accounting of relief, incentives and concessions, which are accounted for as and when the amount finally receivable against these, are ascertained.

g) Retirement Benefits

No employee of the company is eligible for cover under the Employees Provident Fund Schemes administered by the Regional Provident Fund Commissioner and also the provisions of the Payment of Gratuity Act and hence no provision for the same is made in the accounts. The Employees State Insurance Scheme is not applicable to the Company.

h) Accounting for Taxes on Income

Current Tax

Provision for income tax tax is determined in accordance with the provisions of Income-tax Act, 1961

Deferred Tax

Tax expense comprises of current and deferred tax. Current income tax and fringe benefit tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income tax Act. Deferred income taxes reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years.

Deferred tax is recognized on timing differences between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured based on the tax rates and tax laws enacted or substantively enacted at the balance sheet date. At each balance sheet date the Company reassesses unrecognized deferred tax assets. It recognizes unrecognized deferred tax assets or liabilities to the extent that it has become reasonably certain or virtually certain, as the case may be that sufficient future taxable income will be available against which such deferred tax assets can be realized.

i) Earnings Per Share

Earnings considered in ascertaining the Companies earnings per share comprise of the net profit after tax. The number of shares used in computing the basic earnings per share is weighted average number of shares outstanding during the year. The number of shares used in computing diluted earnings per share comprises the weighted average share considered for deriving basic earnings per share, and also the weighted average number of shares, if any, which would have been issued on the conversion of dilutive potential equity shares, if any.

j) Provisions

A provision is recognized when an enterprise has a potential obligation as a result of past event, it is probable that an outflow of resources will be required to settle the obligation, in

respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date These are reviewed at each balance sheet date and adjusted to the current best estimates. All liabilities have been provided for in the accounts except liabilities of a contingent nature, which have been disclosed at their estimated value in the Notes on accounts.

 
Subscribe now to get personal finance updates in your inbox!