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

Accounting Policies of Brijlaxmi Leasing & Finance Ltd. Company

Mar 31, 2014

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements are prepared as per historical cost convention and in accordance with the generally accepted accounting principle in India, the provisions of the Companies Act, 1956 and the applicable accounting standards issued by the ICAI.

2. INVESTMENTS

Long Term Investments are carried at cost. No provision is made for diminution in value of such investments where, in opinion of the board, such diminution is temporary.

3. CLOSING STOCK OF SHARES

Closing Stock of shares has been valued at lower of cost or market value in case of quoted shares. Whereas unquoted shares are valued at cost. Stock in trade has been taken, valued and certified by the management.

4. REVENUE RECOGNITION

Income and Expenditure are generally recognized on accrual basis.

5. FIXED ASSETS

Fixed Assets have been stated at historical cost inclusive of incidental expenses, less accumulated depreciation.

6. DEPRECIATION / AMORTISATION

Depreciation has been provided on SLM method on pro rata basis at the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956

7. EMPLOYEE BENEFITS

Gratuity / Retirement Benefits are accounted for on payment basis.

8. TAXATION

Tax expenses for a year comprise of current tax and deferred tax. Current tax is measured after taking into consideration, the deductions and exemptions admissible under the provision of Income Tax Act, 1961 and in accordance with Accounting Standard 22 on "Accounting for Taxes on Income", issued by ICAI.

Deferred Tax assets or liabilities are recognized for further tax consequence attributable to timing difference between taxable income and accounting income that are measured at relevant enacted tax rates. At each Balance Sheet date the company reassesses unrecognized deferred tax assets, to the extent they become reasonably certain or virtually certain of realization, as the case may be.


Mar 31, 2013

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements are prepared as per historical cost convention and in accordance with the generally accepted accounting principle in India, the provisions of the Companies Act, 1956 and the applicable accounting standards issued by the ICAI.

2. INVESTMENTS

Long Term Investments are carried at cost. No provision is made for diminution in value of such investments where, in opinion of the board, such diminution is temporary.

3. CLOSING STOCK OF SHARES

Closing Stock of shares has been valued at lower of cost or market value in case of quoted shares. Whereas unquoted shares are valued at cost. Stock in trade has been taken, valued and certified by the management.

4. REVENUE RECOGNITION

Income and Expenditure are generally recognized on accrual basis.

5. FIXED ASSETS

Fixed Assets have been stated at historical cost inclusive of incidental expenses, less accumulated depreciation.

6. DEPRECIATION / AMORTISATION

Depreciation has been provided on SLM method on pro rata basis at the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956

7. EMPLOYEE BENEFITS

Gratuity / Retirement Benefits are accounted for on payment basis.

8. TAXATION

Tax expenses for a year comprise of current tax and deferred tax. Current tax is measured after taking into consideration, the deductions and exemptions admissible under the provision of Income Tax Act, 1961 and in accordance with Accounting Standard 22 on "Accounting for Taxes on Income", issued by ICAI.

Deferred Tax assets or liabilities are recognized for further tax consequence attributable to timing difference between taxable income and accounting income that are measured at relevant enacted tax rates. At each Balance Sheet date the company reassesses unrecognized deferred tax assets, to the extent they become reasonably certain or virtually certain of realization, as the case may be.


Mar 31, 2012

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements are prepared as per historical cost convention and in accordance with the generally accepted accounting principle in India, the provisions of the Companies Act, 1956 and the applicable accounting standards issued by the ICAI.

2. INVESTMENTS

Long Term Investments are carried at cost. No provision is made for diminution in value of such investments where, in opinion of the board, such diminution is temporary.

3. CLOSING STOCK OF SHARES

Closing Stock of shares has been valued at lower of cost or market value in case of quoted shares. Whereas unquoted shares are valued at cost. Stock in trade has been taken, valued and certified by the management.

4. REVENUE RECOGNITION

Income and Expenditure are generally recognized on accrual basis.

5. FIXED ASSETS

Fixed Assets have been stated at historical cost inclusive of incidental expenses, less accumulated depreciation.

6. DEPRECIATION / AMORTISATION

Depreciation has been provided on SLM method on pro rata basis at the rates and in the manner prescribed in schedule XIV to the Companies Act, 1956

7. EMPLOYEE BENEFITS

Gratuity / Retirement Benefits are accounted for on payment basis.

8. TAXATION

Tax expenses for a year comprise of current tax and deferred tax. Current tax is measured after taking into consideration, the deductions and exemptions admissible under the provision of Income Tax Act, 1961 and in accordance with Accounting Standard 22 on "Accounting for Taxes on Income", issued by ICAI.

Deferred Tax assets or liabilities are recognized for further tax consequence attributable to timing difference between taxable income and accounting income that are measured at relevant enacted tax rates. At each Balance Sheet date the company reassesses unrecognized deferred tax assets, to the extent they become reasonably certain or virtually certain of realization, as the case may be.


Mar 31, 2010

I) System of Accounting:-

The company adopts accrual concept in the preparation of accounts.

ii)Inflation:-

Assets and Liabilities are recorded at historical costs to the company.

These costs are not adjusted to reflect the changing value in the purchasing power of money.

iii)Fixed Assets:-

Fixed assets are capitalized at cost.

iv)Depreciation:-

Depreciation is provided on Straight Line Method as per the rate prescribed in Schedule XIV of the Companies Act, 1956. It is provided proportionately from the date of acquisition in respect of ¦ assets acquired during the year.

v)Retirement Benefit: -

Under payment of Gratuity Act, 1972, provision for gratuity is required. As informed by the management the appropriate provision has been made by company

vi) Deferred tax resulting from riming differences between book and tax profit is accounted for at the current rate of tax , to the extent that the timing difference are expected to crystallize.


Mar 31, 2009

I)System of Accounting:-

The company adopts accrual concept in the preparation of accounts.

ii)Irtflation:-

Assets and Liabilities are recorded at historical costs to the company.

These costs are not adjusted to reflect the changing value in the purchasing power of money.

iii)Fixed Assets;-

Fixed assets are capitalized at cost,

iv)Depreciation:-

Depreciation is provided on Straight Line Method as per the rate prescribed in Schedule XIV of the Companies Act, 1956. It is provided proportionately from the date of acquisition in respect of assets acquired during the year.

v) Retirement Benefitc-

Under payment of Gratuity Act, 1972, provision for gratuity is required. As informed by the management the appropriate provision has been made by company.

vii) Deferred tax resulting from timing differences between book and tax profit is accounted for at the current rate of tax , to the extent that the timing difference are expected to crystallize.

B. Additional information pursuant to the provision of paragraph 3(c) (d) of Part II of the Schedule VI of the Companies Act 1956.

The quantitative details are not given since the nature of business is such, which involves numerous items and as such it is not possible to provide the details of each item.

b) Other Additional Information - Nil (Previous Year NIL)

c) Earnings & Expenditure in Foreign Currency - NIL (Previous year NIL)

 
Subscribe now to get personal finance updates in your inbox!