Home  »  Company  »  Bentley Comm.Ent  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Bentley Commercial Enterprises Ltd. Company

Mar 31, 2014

I) Accuunting Convention:

The financial statements ''iave neen prepared on an accrual basis and under the historical cost convention to comply in all material aspects, with llie applicable accounting principles in India. mandatory Accounting Standards notified by the Companies (Accounting Standards) Rule, 2006 (as amended) and the relevant provisions nf the Companies Act,

Ail the assets and liabilities have been classified as currenl or non-currenl as per the Company''s nomial operating cycle and other, criteria set OLil in Schedule VI 10 the Companies Act_ 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realisation in cash &. cash equivalents, [he company has ascertained its operating cycle: as 12 months for the purpose of curreni/ non-currenl classification of assets and liabilities

ii) Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles- requires estimates and assumptions to be madeT thai aifect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenue and expenses during the reporting year. Differences., between, actual results and estimates are recognized in the year in which the results are known /''materialize,

iiii Investments

Long lems investments arc valued al cost after deducting provision, if any made for permanent diminution in the value. Dividend income ii accounted for on receipt basis.

iv) Taxes on Income

(a) Provision for current tax liability, if any, is provided in accordance, with the Income Tax Act.

(b) Deferred Tax is recognised on ttw timirtg differences, hcl^een book profits and lay profits that originate in one period and arc capable of reversal in one or more subscqueni periods, Deferred lax as.sei are not recognized unfess there ii virtual certainly lhat sufficient future taxable income would be available againsl which sueh deferred, tax assets ean.be realized, The-carrying amount of deferred .tax is reviewed at each balance sheet date.

v) Provisions, Contingent Liabilities Contingent Assets

Provisions in voicing-substantial degree uf estimation in measurement are recognized when there is present obligation because of past events and ii is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recogni7.ed nor disclosed in tile financial statement.


Mar 31, 2013

I) Basis of Accounting:

The financial statements arc prepared under historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956.

ii) Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be made, that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenue and expenses during the reporting year. Differences between actual results and estimates arc recognized in the year in which the results are known /materialize.

iii) Investments

Long term investments are valued at cost after deducting provision, if any made for permanent diminution in the value. Dividend income is accounted for on receipt basis.

iv) Taxes on Income

(a) Provision for current tax liability, if any, is provided in accordance with the Income Tax Act. 1961.

(b) Deferred Tax is recognised on the timing differences, between book profits and tax profits that originate in one period and arc capable of reversal in one or more subsequent periods. Deferred tax asset are not recognized unless there is virtual certainty that sufficient future taxable income would be available against which such deferred tax assets can be realized. The carrying amount of deferred tax is reviewed at each balance sheet date.

v) Provisions. Contingent Liabilities & Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation because of past events and it is probable thai there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets arc neither recognized nor disclosed in the financial statement.


Mar 31, 2012

1) Basis of Accounting:

The financial statements are prepared under historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956

ii) Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be made, that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenue and expenses during the reporting year Differences between actual results and estimates are recognized in the year in which the results are known /materialize

iii) Investments

Long term investments are valued at cost after deducting provision, if any made for permanent diminution in the value Dividend income is accounted for on receipt basis

iv) Taxes on Income

(a) Provision for current tax liability, if any, is provided in accordance with the Income Tax Act, 1961

(b) Deferred Tax is recognised on the timing differences, between book profits and tax profits that originate in one period and are capable of reversal in one or more subsequent periods Deferred tax asset are not recognized unless there is virtual certainty that sufficient future taxable income would be available against which such deferred tax assets can be realized The carrying amount of deferred tax is reviewed at each balance sheet date

v) Provisions, Contingent Liabilities & Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation because of past events and it is probable that there will be an outflow of resources Contingent Liabilities are not recognized but are disclosed in the notes Contingent Assets are neither recognized nor disclosed in the financial statement.


Mar 31, 2011

I) Basis of Accounting:

The financial statements are prepared under historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956.

ii) Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be made, that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenue and expenses during the reporting year. Differences between actual results and estimates are recognized in the year in which the results are known /materialize.

iii) Investments

Long term investments are valued at cost after deducting provision, if any made for permanent diminution in the value. Dividend income is accounted for on receipt basis.

iv) Taxes on Income

(a) Provision for current tax liability, if any. is provided in accordance with the Income Tax Act, 1961

(b) Deferred Tax is recognised on the timing differences, between book profits and tax profits that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax asset are not recognized unless there is virtual certainty that sufficient future taxable income would be available against which such deferred tax assets can be realized. The carrying amount of deferred tax is reviewed at each balance sheet date.

v) Provisions. Contingent Liabilities & Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation because of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statement.


Mar 31, 2010

I) Basis of Accounting:

The financial statements are prepared under historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956.

ii) Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be made, that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenue and expenses during the reporting year. Differences between actual results and estimates are recognized in the year in which the results are known /materialize.

iii) Investments

Long term investments are valued at cost after deducting provision, if any made for permanent diminution in the value. Dividend income is accounted for on receipt basis.

iv) Taxes on Income

(a) Provision for current tax liability, if any, is provided in accordance with the Income Tax Act, 1961.

(b) Deferred Tax is recognised on the timing differences, between book profits and tax profits that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax asset are not recognized unless there is virtual certainty that sufficient future taxable income would be available against which such deferred tax assets can be realized. The carrying amount of deferred tax is reviewed at each balance sheet date.

v) Provisions, Contingent Liabilities & Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation because of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statement.


Mar 31, 2009

I) Basis of Accounting:

The financial statements are prepared under historical cost convention on an accrual basis and are in accordance with the requirements of the Companies Act, 1956.

ii) Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions to be made, that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenue and expenses during the reporting year. Differences between actual results and estimates are recognized in the year in which the results are known /materialize.

iii) Investments

Long term investments are valued at cost after deducting provision, if any made for permanent diminution in the value. Dividend income is accounted for on receipt basis.

iv) Taxes on Income

(a) Provision for current tax liability, if any, is provided in accordance with the Income Tax Act, 1961.

(b) Deferred Tax is recognised on the timing differences, between book profits and tax profits that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax asset are not recognized unless there is virtual certainty that sufficient future taxable income would be available against which such deferred tax assets can be realized. The carrying amount of deferred tax is reviewed at each balance sheet date.

v) Provisions, Contingent Liabilities & Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation because of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statement.

 
Subscribe now to get personal finance updates in your inbox!