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Accounting Policies of BITS Ltd. Company

Mar 31, 2015

1. Basis of preparation of Financial Statements

The financial statement has been prepared on historical cost convention and in accordance with normally accepted accounting principles and applicable accounting standards.

2. Revenue Recognition and other policies

a) The company follows mercantile system of accounting.

b) Revenue / Income and cost /expenses are generally accounted for on accrual basis as they are earned or incurred.

c) Income from Information Technology and Computer Education is accounted and credited to income in the period of invoices raised to the students.

d) Technical know-how fees from new franchisee centers are accounted for in the year in which agreement is entered into.

e) Franchisee centers operational expenses are accounted in proportion to the bills raised.

f) Sales of educational Course Materials are recognised on the basis of requisitions.

3. Fixed Assets

Fixed assets are stated at cost less depreciation. The cost of assets comprises of purchase price and any direct cost attributable to its acquisition or bringing the assets to working condition or intended use.

4. Depreciation

Depreciation is charged on a pro-rata basis on the Straight Line Method as per the rates and in the manner prescribed under the Schedule II to the Companies Act, 2013.

Depreciation on fixed assets sold, discarded or demolished during the year is being provided at their respective rates upto the date on which such assets are sold, discarded or demolished.

5. Inventories

Closing stock of Educational Course material & Books is valued at cost of acquisition. The company is in information technology business and is holding stock of courseware material and computer hardware & software's and it is considered to realize at least the value at which they are stated in the books.

6. Investments

Investments are Non Current in nature and are stated at cost & any decline other than temporary in the value of such investments is charged to the profit & loss account.

7. Miscellaneous Expenditure

The Company does not have any miscellaneous expenditure.

8. Employee Benefits

Contributions to Provident Fund are accounted on actual liabilities basis. At present there is no employee in the company who has completed 5 years or more, so the requirements of Accounting Standard-15 are not applicable. According to the management, the compensation & benefits payable to employees who have left the service were settled at the time they have left.

9. Taxation

Provision for tax is made for both current and deferred taxes. Current tax is provided on the basis of taxable income computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax Assets and liabilities arising on account of timing differences and which are capable of reversal in subsequent periods are recognised using the tax rates and tax laws that have been enacted or substantively enacted.


Mar 31, 2014

1. Basis of preparation of Financial Statements

The financial statement has been prepared on historical cost convention and in accordance with normally accepted accounting principles and applicable accounting standards.

2. Revenue Recognition and other policies

a) The company follows mercantile system of accounting.

b) Revenue / Income and cost /expenses are generally accounted for on accrual basis as they are earned or incurred.

c) Income from Information Technology and Computer Education is accounted and credited to income in the period of invoices raised to the students.

d) Technical know-how fees from new franchisee centers are accounted for in the year in which agreement is entered into.

e) Franchisee centers operational expenses are accounted in proportion to the bills raised.

f) Sales of educational Course Materials are recognised on the basis of requisitions.

3. Fixed Assets

Fixed assets are stated at cost less depreciation. The cost of assets comprises of purchase price and any direct cost attributable to its acquisition or bringing the assets to working condition or intended use.

4. Depreciation

Depreciation is provided on straight-line method at the rate specified in Schedule - XIV of the Companies Act, 1956. In respect of additions to fixed assets, depreciation is being calculated on a pro-rata basis from the date of such addition.

Depreciation on fixed assets sold, discarded or demolished during the year is being provided at their respective rates upto the date on which such assets are sold, discarded or demolished.

5. Inventories

Closing stock of Educational Course material & Books is valued at cost of acquisition. The company is in information technology business and is holding stock of courseware material and computer hardware & software''s and it is considered to realize at least the value at which they are stated in the books.

6. Investments

Investments are Non Current in nature and are stated at cost & any decline other than temporary in the value of such investments is charged to the profit & loss account.

7. Miscellaneous Expenditure

The Company does not have any miscellaneous expenditure.

8. Employee Benefits

Contributions to Provident Fund are accounted on actual liabilities basis. At present there is no employee in the company who has completed 5 years or more, so the requirements of Accounting Standard-15 are not applicable. According to the management, the compensation & benefits payable to employees who have left the service were settled at the time they have left.

9. Taxation

Provision for tax is made for both current and deferred taxes. Current tax is provided on the basis of taxable income computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax Assets and liabilities arising on account of timing differences and which are capable of reversal in subsequent periods are recognised using the tax rates and tax laws that have been enacted or substantively enacted.


Mar 31, 2011

1. Basis of preparation of Financial Statements

The financial statement has been prepared on historical cost convention and in accordance with normally accepted accounting principles and applicable accounting standards except as stated otherwise elsewhere.

2. Revenue Recognition and other policies

a) The company follows mercantile system of accounting except otherwise stated.

b) Revenue / Income and cost /expenses are generally accounted for on accrual basis as they are earned or incurred, except as stated otherwise elsewhere.

c) Income from Information Technology and Computer Education is accounted and credited to income in the period of invoices raised to the students.

d) Technical know-how fees from new franchisee centers are accounted for in the year in which agreement is entered into.

e) Franchisee centers operational expenses are accounted in proportion to the bills raised.

f) Sales of educational Course Materials are recognised on the basis of requisitions.

3. Fixed Assets

Fixed assets are stated at cost less depreciation. The cost of assets comprises of purchase price and any direct cost attributable to its acquisition or bringing the assets to working condition or intended use.

4. Depreciation

Depreciation is provided on straight-line method at the rate specified in Schedule - XIV of the Companies Act, 1956. In respect of additions to fixed assets, depreciation is being calculated on a pro-rata basis from the date of such addition.

Depreciation on fixed assets sold, discarded or demolished during the year is being provided at their respective rates up to the date on which such assets are sold, discarded or demolished.

5. Inventories

Closing stock of Educational Course material & Books is valued at cost of acquisition. The company is in information technology business and is holding stock of courseware material and computer hardware & software's and it is considered to realize at least the value at which they are stated in the books.

6. Investments

Investments are Long Term in nature and are stated at cost & any decline other than temporary in the value of such investments is charged to the profit & loss account.

7. Miscellaneous Expenditure

The Company does not have any miscellaneous expenditure.

8, Employee Benefits

Contributions to Provident Fund are accounted on actual liabilities basis. At present there is no employee in the company who has completed 5 years or more, so the requirements of Accounting Standard-15 are not applicable. According to the management, the compensation & benefits payable to employees who have left the service were settled at the time they have left.

9. Taxation

Provision for tax is made for both current and deferred taxes. Current tax is provided on the basis of taxable income computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax Assets and liabilities arising on account of timing differences and which are capable of reversal in subsequent periods are recognised using the tax rates and tax laws that have been enacted or substantively enacted.


Mar 31, 2010

1. Basis of preparation of Financial Statements

The financial statement has been prepared on historical cost convention and in accordance with normally accepted accounting principles and applicable accounting standards except as stated otherwise elsewhere.

2. Revenue Recognition and other policies

a) The company follows mercantile system of accounting except otherwise stated.

b) Revenue / Income and cost /expenses are generally accounted for on accrual basis as they are earned or incurred, except as stated otherwise elsewhere.

c) Income from Information Technology and Computer Education is accounted and credited to income in the period of invoices raised to the students.

d) Technical know-how fees from new franchisee centers are accounted for in the year in which agreement is entered into.

e) Franchisee centers operational expenses are accounted in proportion to the bills raised.

f) Sales of educational Course Materials are recognised on the basis of requisitions.

3. Fixed Assets.

Fixed assets are stated at cost less depreciation. The cost of assets comprises of purchase price , and any direct cost attributable to its acquisition or bringing the assets to working condition or intended use.

4. Depreciation ... .

Depreciation is provided on straight-line method at the rate specified in Schedule - XIV of the Companies Act, 1956. In respect of additions to fixed assets, depreciation is being calculated on a pro-rata basis from the date of such addition.

Depreciation on fixed assets sold, discarded or demolished during the year is being provided at their respective rates upto the date on which such assets are sold, discarded or demolished.

5. Inventories

Closing stock of Educational Course material & Books is valued at cost of acquisition. The company is in information technology business and is holding stock of courseware material and computer hardware & softwares and it is considered to realize at least the value at which they are stated in the books.

6. Investments

Investments are Long Term in nature and are stated at cost & any decline other than temporary in the value of such .investments is charged to the profit & loss account.

7. Miscellaneous Expenditure

The Company doesvhot have any miscellaneous expenditure. -; , ¦,

8. Employee Benefits

Contributions to Provident Fund are accounted on actual liabilities basis. At present there is no employee in the company who has completed 5 years or more, so the requirements of Accounting Standard-15 are not applicable. According to the management, the compensation & benefits payable to employees who have left the service were settled at the time they have left

9. Taxation

Provision for tax is made for both current and deferred taxes. Current tax is provided on the basis of taxable income computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax Assets and liabilities arising on account of timing differences and which are capable of reversal in subsequent periods are recognised using the tax rates and tax laws that have been enacted or substantively enacted.

 
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