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Accounting Policies of Charms Industries Ltd. Company

Mar 31, 2014

1. FIXED ASSETS:

The Fixed Assets have been valued at cost, including expense incurred in connection with the acquisition of Fixed Assets.

2. DEPRECIATION:

Depreciation is provided on the Fixed Assets on written down value basis at the rates prescribed under Schedule: XIV of the Companies Act, 1956.

3. BASIS OF ACCOUNTING:

The accounts of the Company are prepared under the Historical Cost Convention and in accordance with the applicable accounting standards. As per the practice, mercantile system of accounting is followed, except interest on loans, as per following note No.: B (6).


Mar 31, 2012

1. FIXED ASSETS:

The Fixed Assets have been valued at cost, including expense incurred in connection with the acquisition of Fixed Assets.

2. DEPRECIATION:

Depreciation is provided on the Fixed Assets on written down value basis at the rates prescribed under Schedule: XIV of the Companies Act, 1956.

3. BASIS OF ACCOUNTING:

The accounts of the Company are prepared under the Historical Cost Convention and in accordance with the applicable accounting standards. As per the practice, mercantile system of accounting is followed, except interest on loans, as per following note No.: B (6).


Mar 31, 2011

1. FIXED ASSETS :

The Fixed Assets have been valued at cost, including expense incurred in connection with the acquisition of Fixed Assets.

2. DEPRECIATION :

Depreciation is provided on the Fixed Assets on written down value basis at the rates prescribed under Schedule: XIV of the Companies Act, 1956.

3. BASIS OF ACCOUNTING :

The accounts of the Company are prepared under the Historical Cost Convention and in accordance with the applicable accounting standards. As per the practice, mercantile system of accounting is followed, except interest on loans, as per following note No.: B (6).


Mar 31, 2010

1. FIXED ASSETS :

The Fixed Assets have been valued at cost, including expense incurred in connection with the acquisition of Fixed Assets.

2. DEPRECIATION :

Depreciation is provided on the Fixed Assets on written down value basis at the rates prescribed under Schedule: XIV of the Companies Act, 1956.

3. BASIS OF ACCOUNTING :

The accounts of the Company are prepared under the Historical Cost Convention and in accordance with the applicable accounting standards. As per the practice, mercantile system of accounting is followed, except interest on loans, as per following note No. : B (6).

4. The company has decided to written off Pre-Project/Pre-Operative Expenses over a period of 10 years and as such this year 1/10th of said expenses has been charged to Profit & Loss Account.


Mar 31, 2009

1. FIXED ASSETS.;

The Fixed Assets have been valued at cost, including expense incurred in connection with the acquisition of Fixed Assets..

2. DEPRECIATION :

Depreciation is provided on the Fixad Assets on written down value basis at the rates prescribed under Schedule: XIV of the Companies Act, 1956.

3. BASIS OF ACCOUNTING .

The accounts of the Company are prepared under the Historical Cost Convention and In accordance with me applicable accounting standards. As per the practice, mercantile system of accounting is followed. except interest on loans, as per following note No. : B (6).

A. The company has decided to written off Pre-Project/Pre-Operative Expenses over a period of 10 years and as a such this year month of said expenses has been charged to Profit & Loss Account.


Mar 31, 2003

(1) FIXED ASSETS : The Fixed Assets have been valued at cost, including expenses incurred in connection with the acquisition of Fixed Assets.

(2) DEPRECIATION :-

Depreciation is provided on the Fixed Assets on written down value basis at the rates prescribed under Schedule : XIV of the Companies Act, 1956.

(3) BASIS OF ACCOUNTING :-

The accounts of the Company are prepared under the Historical Cost Convention and in accordance with the applicable accounting standards. As per the practise, mercantile system of accounting is followed, except interest on loans, as per following; note No.: B (6) (I)

(4) The company has decided to written off Preliminary Expenses and Pre-Project / Pre-Operative Expenses over a period of 10 years and as such this year 1/10th. of said expenses have been charged to Profit & Loss Account.

 
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