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Accounting Policies of Citizen Yarns Ltd. Company

Mar 31, 2015

I. ACCOUNTING CONVENTION :

The financial statement is prepared under the historical cost convention and

follows the mercantile system of accounting and recognizes income and expenditure on the accrual basis except those with significant uncertainties. Sales & Purchase is accounted exclusive of excise duty.

II. FIXED ASSETS :

There is no fixed assets available.

III. DEPRECIATION :

Depreciation on fixed assets is not provided.

IV. INVENTORIES :

There is no inventory at the year ended 31-03-2015, hence not applicable.

V. INVESTMENT :

All the Investments are Long Term and stated at Cost.

VI. MISCELLANOUS EXPENSES :

At the end of the year the balance of Miscellaneous Expenditure is W/O and the Balance is NIL.

VII. CONTINGENT LIABILITIES :

No Provision is made for liabilities, which are contingent in nature but, if material, the same all disclosed by way notes to the accounts.


Mar 31, 2014

I. ACCOUNTING CONVENTION :

The financial statement is prepared under the historical cost convention and follows the mercantile system of accounting and recognizes income and expenditure on the accrual basis except those with significant uncertainties. Sales & Purchase is accounted exclusive of excise duty.

II. FIXED ASSETS :

The Fixed assets were stated at Historical Cost.

III. DEPRECIATION :

Depreciation on fixed assets is not provided.

IV. INVENTORIES :

The Inventory at the year ended 31-03-2014 is stated at Cost or Net Reliasable Value whichever is Lower.

V. INVESTMENT:

All the Investment are Long Term and stated at Cost.

VI. MISCELLANEOUS EXPENSES :

At the end of the year the balance of Miscellaneous Expenditure is Rs.l7.59Lakhs.

VII. CONTINGENT LIABILITIES :

No Provision is made for liabilities, which are contingent in nature but, if material, the same all disclosed by way notes to the accounts.


Mar 31, 2013

I. ACCOUNTING CONVENTION :

The financial statement is prepared under the historical cost convention and follows the mercantile system of accounting and recognizes income and expenditure on the accrual basis except those with significant uncertainties. Sales & Purchase is accounted exclusive of excise duty.

II. FIXED ASSETS :

The Fixed assets were stated at Historical Cost.

III. DEPRECIATION :

Depreciation on fixed assets is not provided.

IV. INVENTORIES :

The Inventory at the year ended 31-03-2013 is stated at Cost or Net Releasable Value whichever is Lower.

V. INVESTMENT:

All the Investment are Long Term and stated at Cost.

VI. MISCELLANOUS EXPENSES :

- At the end of the year the balance of Miscellaneous Expenditure is Rs.l76Lakhs.

VII. CONTINGENT LIABILITIES :

No Provision is made for liabilities, which are contingent in nature but, if material, the same all disclosed by way notes to the accounts.


Mar 31, 2012

I. ACCOUNTING CONVENTION :

The financial statement is prepared under the historical cost convention and follows the mercantile system of accounting and recognizes income and expenditure on the accrual basis except those with significant uncertainties. Sales & Purchase is accounted exclusive of excise duty.

II. FIXED ASSETS :

The Fixed assets were stated at Historical Cost.

III. DEPRECIATION :

Depreciation on fixed assets is not provided.

IV. INVENTORIES :

The Inventory at the year ended 31-03-2012 is stated at Cost or Net Reliasable Value whichever is Lower.

V. INVESTMENT :

All the Investment are Long Term and stated at Cost.

VI. MISCELLANEOUS EXPENSES :

At the end of the year the balance of Miscellaneous Expenditure is Rs. 176 Lakhs.

VII. CONTINGENT LIABILITIES :

No Provision is made for liabilities, which are contingent in nature but, if material, the same all disclosed by way notes to the accounts.


Mar 31, 2010

I. ACCOUNTING CONVENTION :

The financial statement is prepared under the historical cost convention and follows the mercantile system of accounting and recognizes income and expenditure on the accrual basis except those with significant uncertainties. Sales & Purchase is accounted exclusive of excise duty.

II. FIXED ASSETS :

There is no Fixed assets hence not applicable.

III. DEPRECIATION :

Depreciation on fixed assets is not provided.

IV. INVENTORIES :

The Inventory at the year ended 31-03-2010 are stated at Net Reliasable Value.

V. INVESTMENT:

All the Investment are Long Term and stated at Cost.

VI. MISCELLANOUS EXPENSES :

Preliminary Expenditures are written off over period of ten years.

VII. CONTINGENT LIABILITIES :

No Provision is made for liabilities, which are contingent in nature but, if material, the same all disclosed by way notes to the accounts.