Mar 31, 2015
1) Accounting convention :
The Financial statements have been prepared in accordance with the
applicable accounting standards specified by the institute of chartered
accountants of India.
The Financial statements have also been prepared in accordance with the
relevant provisions of Companies Act, 1956.
2) Recognition of Income & Expenditure :
All Income and expenditure items having a material bearing on the
financial statements are recognised on accrual basis.
Dividend on shares held by the Company is accounted for as and when it
is declared and interest on investment is accounted for on accrual
basis.
Legal and Allied expenses are provided on accrual / payment basis.
3) Fixed Assets and Depreciation :
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Direct Cost are capitalised until the asset are ready to
be put to use. These cost includes fright, installation
cost. Duties and taxes and other allocated expenses including finance
cost relating to specific borrowing incurred during the construction
period.
As per schedule II of Companies act 2013, the useful life of office
equipment(5 Years) and Refrigerator (10 Years) are over. Hence WDV of
Office equipment of Rs 59505 is treated as residual value (Less than 5%
of gross value) and depreciation ceased to be charged.
In case of refrigerator management assume the residual value of Rs
60400/- (5% of 1208000/-).
Hence rest of the amount of Rs 77420/- (137820-60400) is transfered to
retained earnings.
4) Stock
The stock in trade if any have been valued at cost or market price
whichever is lower. statutes, shall be accounted for in the year of
assessment.
5) Investment
Investments are valued at cost.
6) Gratuity / Retirement Benefits These are accounted on cash basis.
7) Taxation
i) The Current charge for Income Tax is calculated on assessable profit
of the company determine under Income Tax Act, 1961.
ii) The Company accounts for taxes on income to include the effect of
timing difference in the tax expenses in the profit & loss account and
the deferred tax assets and
liabilities in the balance sheet in accordance with the Accounting
Standard AS 22 "Accounting for Taxes on Income " issued by The
Institute of Chartered Accountants of India,
(ICAI). The company has evaluated various elements of tax computation
to determine whether any deferred tax asset or liability needs to be
recognized.
Mar 31, 2014
1) Accounting convention:
The Financial statements have been prepared in accordance with the
applicable accounting standards specified by the Institute of Chartered
Accountants of India.The Financial statements have also been prepared
in accordance with the relevant provisions of the Companies Act, 1956.
2) Recognition of Income & Expenditure :
All Income and expenditure items having a material bearing on the
financial statements are recognised on accrual basis. Dividend on
shares held by the Company is accounted for as and when it is declared
and interest on investment is accounted for on accrual basis. Legal and
Allied expenses are provided on accrual / payment basis.
3) Fixed Assets and Depreciation :
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Direct Cost are capitalised until the asset are ready to
be put to use. These cost includes fright, installation cost. Duties
and taxes and other allocated expenses including finance cost relating
to specific borrowing incurred during the construction period.
Deprecation on fixed asset is provided on straight line method on
pro-rata basis as per Schedule XIV of the Companies Act, 1956.
4) Stock
The stock in trade if any have been valued at cost or market price
whichever is lower, statutes, shall be accounted for in the year of
assessment.
5) Investment
Investments are valued at cost.
6) Gratuity / Retirement Benefits
These are accounted on cash basis.
7) Taxation
i) The Current charge for IncomeTax is calculated on assessable profit
of the company determine under IncomeTax Act, 1961.
ii) The Company accounts for taxes on income to include the effect of
timing difference in the tax expenses in the profit & loss account and
the deferred tax assets and liabilities in the balancesheet in
accordance with the Accounting Standard AS 22 "Accounting for Taxes on
Income" issued by he Institute of Chartered Accountants of india,
(ICAI).The company has evaluated various elements of tax computation to
determine whether any deferred tax asset or liability needs to be
recognized.
Mar 31, 2013
1) Accounting convention:
The Financial statements have been prepared in accordance with the
applicable accounting standards specified by the Institute of Chartered
Accountants of India.The Financial statements have also been prepared
in accordance with the relevant provisions of the Companies Act, 1956.
2) Recognition of Income & Expenditure :
All Income and expenditure items having a material bearing on the
financial statements are recognised on accrual basis. Dividend on
shares held by the Company is accounted for as and when it is declared
and interest on investment is accounted for on accrual basis. Legal and
Allied expenses are provided on accrual / payment basis.
3) Fixed Assets and Depreciation :
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Direct Cost are capitalised until the asset are ready to
be put to use. These cost includes fright, installation cost. Duties
and taxes and other allocated expenses including finance cost relating
to specific borrowing incurred during the construction period.
Deprecation on fixed asset is provided on straight line method on
pro-rata basis as per Schedule XIV of the Companies Act, 1956.
4) Stock
The stock in trade if any have been valued at cost or market price
whichever is lower, statutes, shall be accounted for in the year of
assessment.
5) Investment
Investments are valued at cost.
6) Gratuity / Retirement Benefits
These are accounted on cash basis.
7) Taxation
Provision for Income Tax is made as per the provisions of the IncomeTax
Act, 1961 .And the provision for Fringe Benefit Tax is made as per the
provision of the IncomeTax Act, 1961.
Mar 31, 2012
1) Accounting convention:
The Financial statements have been prepared in accordance with the
applicable accounting standards specified by the institute of chartered
accountants of india. The Financial statements have also been prepared
in accordance with the relevant provisions of Companies Act, 1956.
2) Recognition of Income & Expenditure:
All Income and expenditure items having a material bearing on the
financial statements are recognized on accrual basis. Dividend on
shares held by the Company is accounted for as and when it is declared
and interest on investment is accounted for on accrual basis. Legal and
Allied expenses are provided on accrual / payment basis.
3) Fixed Assets and Depreciation :
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Direct Cost are capitalized until the asset are ready to
be put to use. These cost includes fright, installation cost. Duties
and taxes and other allocated expenses including finance cost relating
to specific borrowing incurred during the construction period.
Deprecation on fixed asset is provided on straight line method on
pro-rata basis as per schedule XIV of the Companies Act, 1956.
4) Stock
The stock in trade if any have been valued at cost or market price
whichever is lower, statutes, shall be accounted for in the year of
assessment.
5) Investment
Investments are valued at cost.
6) Gratuity / Retirement Benefits
These are accounted on cash basis.
7) Taxation
Provision for Income Tax is made as per the provisions of the Income Tax
Act, 1961 .And the provision for Fringe Benefit Tax is made as per the
provision of the Income Tax Act, 1961.
Mar 31, 2010
1) Accounting convention :
The Financial statements have been prepared in accordance with the
applicable accounting standards specified by the institute of chartered
accountants of India.
The Financial statements have also been prepared in accordance with the
relevant provisions of Companies Act, 1956.
2) Recognition of Income & Expenditure :
All Income and expenditure items having a material bearing on the
financial statements are recognised on accrual basis.
Dividend on shares held by the Company is accounted for as and when it
is declared and interest on investment is accounted for on accrual
basis.
Legal and Allied expenses are provided on accrual / payment basis.
3) Fixed Assets and Depreciation :
Fixed assets are stated at cost of acquisition less accumulated
depreciation. Direct Cost are capitalised until the asset are ready to
be put to use. These cost includes fright, installation cost. Duties
and taxes and other allocated expenses including finance cost relating
to specific borrowing incurred during the construction period.
Deprecation on fixed asset is provided on straight line method on
pro-rata basis as per schedule XIV of the Companies Act, 1956.
4) Stock
The stock in trade if any have been valued at cost or market price
whichever is lower. statutes, shall be accounted for in the year of
assessment.
5) Investment Investments are valued at cost.
6) Gratuity / Retirement Benefits These are accounted on cash basis.
7) Taxation
Provision for Income Tax is made as per the provisions of the Income
Tax Act, 1961. And the provision for Fringe Benefit Tax is made as per
the provision of the Income Tax Act, 1961.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article