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Accounting Policies of Chambal Breweries & Distilleries Ltd. Company

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.

 
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