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Accounting Policies of Creative Eye Ltd. Company

Mar 31, 2015

1. Basis of Presentation:

a. The Company maintains its accounts on accrual basis following the historical cost convention, in accordance with the Generally Accepted Accounting Policies (GAAP) and in compliance with the Accounting Standards referred to in Section 133 and other provisions of the Companies Act, 2013.

b. The preparation of accounts under GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities as at the date of the financial statements and the reported amounts of revenues and expenses during the year. Examples of such estimates include the useful lives of fixed assets and intangible assets, provision for doubtful debts/advances, future obligation in respect of retirement benefit plans, etc. Actual result could differ from these estimates. Any revisions to accounting estimates are recognized prospectively in the current and future periods.

2. Fixed Assets:

a. Fixed Assets are stated at the cost net of tax/duty credit availed, if any.

b. Fixed Assets are stated at cost less accumulated depreciation. The cost of assets includes direct/ indirect and incidental cost incurred to bring the assets to its use.

3. Investments:

Investments are stated at cost. Dividend on Investments is accounted on cash basis.

4. Inventories:

Stock in Trade include work in progress, completed T. V. content valued at cost and usage value of rights of Hindi feature films and residual right of films, as certified by the management. However, Net Realisable value cannot be estimated.

5. Foreign Currency Transactions, Forward contracts & Derivatives:

a. The reporting currency of the Company is Indian Rupee.

b. Foreign currency transactions are recorded on initial recognition in the reporting currency, using the exchange rate at the date of transaction. Exchange differences that arise on settlement of monetary items are: -

i. Adjusted in the cost of fixed assets specifically financed by the borrowings to which the exchange differences relate.

ii. Recognized as income or expense in the period in which they arise in other cases.

The above treatment is in accordance with AS - 11 (Revised) issued by ICAI.

6. Retirement Benefits:

a. Short Term Employee Benefits:

Short Term Employee Benefits include salaries, wages, bonus, exgratia, leave salary etc., and the same are recognized as an expenses at the undiscounted amount in the profit & loss account of the year in which the relevant service is rendered.

b. Post Employment Benefits:

i. Defined Contribution Plan:-

In accordance with the provisions of Employees Provident Funds and Miscellaneous Provisions Act, 1952, eligible employees of the Company are entitled to receive benefits with respect to provident fund. The Company contribution towards Provident Fund and Family Pension Fund is charged to Profit & Loss Account.

ii. Defined Benefits Plan:-

Gratuity liability has been provided on the basis of Actuarial Valuation done by the independent actuary.

7. Depreciation:

The useful lives of fixed assets have been reassessed and depreciation has been provided as per schedule II of the Companies Act, 2013 except on office flat. Depreciation on additions to assets during the year is provided on pro-rata basis. Brands had been amortized over a period of 10 years.

8. Revenue Recognition:

a. Sales and Services are stated at net of agency commission, if any.

b. In respect of sponsored programs, revenue is recognized as on date of telecast, if any.

c. In respect of commissioned programs, revenue is recognized as on date of delivery.

d. Interest income is accounted on accrual basis.

The above treatment is in accordance with AS - 9 issued by ICAI.

9. Taxes on Income:

a. Tax on income for the current period is determined on the basis of estimated taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961 and based on the expected outcome of assessments/appeals.

b. Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, on timing differences, being the difference between taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

c. Deferred tax assets are recognized & carried forward only to the extent that there is reasonable certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realized.

d. Deferred tax is qualified using the tax rates and laws enacted or substantively enacted as on balance sheet date.

The above treatment is in accordance with AS - 22 issued by ICAI.

10. Events occurring after the balance sheet date :

Events occurring after the date of balance sheet, where material, are considered up to the date of approval of the accounts by the Board of Directors.

11. Provisions, Contingent liabilities & Contingent assets:

Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if

a. the company has a present obligation as a result of past event:

(1) a probable outflow of resources is expected to settle the obligation: and

(2) the amount of the obligation can be reliably estimated:

i. Reimbursements by another party, expected in respect of expenditure required to settle a provision, is recognized when it is virtually certain that reimbursement will be received if obligation is settled.

ii. Contingent liability is disclosed in the case of :-

a. a present obligation arising from a past event, when it is not possible that an outflow of resources will be required to settle the obligation;

b. a possible obligation, unless the probability of outflow of resources is remote.

(3) Contingent assets are neither disclosed nor recognized.

(4) Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.

12. Borrowing Cost :

Interest and other cost in connection with borrowing of funds to the extent related/attributed to the acquisition/construction of qualifying fixed asset are capitalized up to the date when such assets are ready for its intended use and other borrowing cost are charged to profit and loss account


Mar 31, 2014

1. Basis of Presentation:

a. The Company maintains its accounts on accrual basis following the historical cost convention, in accordance with the Generally Accepted Accounting Policies (GAAP) and in compliance with the Accounting Standards referred to in Section 211 (3C) and other provisions of the Companies Act, 1956.

b. The preparation of accounts under GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities as at the date of the financial statements and the reported amounts of revenues and expenses during the year. Examples of such estimates include the useful lives of fixed assets and intangible assets, provision for doubtful debts/advances, future obligation in respect of retirement benefit plans, etc. Actual result could differ from these estimates. Any revisions to accounting estimates are recognized prospectively in the current and future periods.

2. Fixed Assets:

a. Fixed Assets are stated at the cost net of tax/duty credit availed, if any.

b. Fixed Assets are stated at cost less accumulated depreciation. The cost of assets includes direct/ indirect and incidental cost incurred to bring the assets to its use.

3. Investments:

Investments are stated at cost. Dividend on Investments is accounted on cash basis.

4. Inventories:

Stock in Trade include work in progress, completed T. V. content valued at cost and usage value of rights of Hindi feature films and residual right of films, as certified by the management. However, Net Realisable value cannot be estimated.

5. Foreign Currency Transactions, Forward contracts & Derivatives:

a. The reporting currency of the Company is Indian Rupee.

b. Foreign currency transactions are recorded on initial recognition in the reporting currency, using the exchange rate at the date of transaction. Exchange differences that arise on settlement of monetary items are: -

i. Adjusted in the cost of fixed assets specifically financed by the borrowings to which the exchange differences relate.

ii. Recognized as income or expense in the period in which they arise in other cases.

The above treatment is in accordance with AS - 11 (Revised) issued by ICAI.

6. Retirement Benefits:

a. Short Term Employee Benefits:

Short Term Employee Benefits include salaries, wages, bonus, exgratia, leave salary etc., and the same are recognized as an expenses at the undiscounted amount in the profit & loss account of the year in which the relevant service is rendered.

b. Post Employment Benefits:

i. Defined Contribution Plan:-

In accordance with the provisions of Employees Provident Funds and Miscellaneous Provisions Act, 1952, eligible employees of the Company are entitled to receive benefits with respect to provident fund. The Company contribution towards Provident Fund and Family Pension Fund is charged to Profit & Loss Account.

ii. Defined Benefits Plan:-

Gratuity liability has been provided on the basis of Actuarial Valuation done by the independent actuary.

7. Depreciation:

Depreciation on Fixed Assets has been provided on Straight Line Method as prescribed in Schedule XIV of the Companies Act, 1956 except on office flat. Depreciation on additions to assets during the year is provided on pro-rata basis. Brands had been amortized over a period of 10 years.

8. Revenue Recognition:

a. Sales and Services are stated at net of agency commission, if any.

b. In respect of sponsored programs, revenue is recognized as on date of telecast, if any.

c. In respect of commissioned programs, revenue is recognized as on date of delivery.

d. Interest income is accounted on accrual basis.

The above treatment is in accordance with AS - 9 issued by ICAI.

9. Taxes on Income:

a. Tax on income for the current period is determined on the basis of estimated taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961 and based on the expected outcome of assessments/appeals.

b. Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, on timing differences, being the difference between taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

c. Deferred tax assets are recognized & carried forward only to the extent that there is reasonable certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realized.

d. Deferred tax is qualified using the tax rates and laws enacted or substantively enacted as on balance sheet date.

The above treatment is in accordance with AS - 22 issued by ICAI.

10. Events occurring after the balance sheet date :

Events occurring after the date of balance sheet, where material, are considered up to the date of approval of the accounts by the Board of Directors.

11. Provisions, Contingent liabilities & Contingent assets:

Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if

a. the company has a present obligation as a result of past event:

(1) a probable outflow of resources is expected to settle the obligation: and

(2) the amount of the obligation can be reliably estimated:

i. Reimbursements by another party, expected in respect of expenditure required to settle a provision, is recognized when it is virtually certain that reimbursement will be received if obligation is settled.

ii. Contingent liability is disclosed in the case of :-

a. a present obligation arising from a past event, when it is not possible that an outflow of resources will be required to settle the obligation;

b. a possible obligation, unless the probability of outflow of resources is remote.

(3) Contingent assets are neither disclosed nor recognized.

(4) Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.

12. Borrowing Cost :

Interest and other cost in connection with borrowing of funds to the extent related/attributed to the acquisition/construction of qualifying fixed asset are capitalized up to the date when such assets are ready for its intended use and other borrowing cost are charged to profit and loss account.


Mar 31, 2013

1. Basis of Presentation:

a. The Company maintains its accounts on accrual basis following the historical cost convention, in accordance with the Generally Accepted Accounting Policies (GAAP) and in compliance with the Accounting Standards referred to in Section 211 (3C) and other provisions of the Companies Act, 1956.

b. The preparation of accounts under GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities as at the date of the fnancial statements and the reported amounts of revenues and expenses during the year. Examples of such estimates include the useful lives of fxed assets and intangible assets, provision for doubtful debts/advances, future obligation in respect of retirement benefit plans, etc. Actual result could differ from these estimates. Any revisions to accounting estimates are recognized prospectively in the current and future periods.

2. Fixed Assets:

a. Fixed Assets are stated at the cost net of tax/duty credit availed, if any.

b. Fixed Assets are stated at cost less accumulated depreciation. The cost of assets includes direct/ indirect and incidental cost incurred to bring the assets to its use.

3. Investments:

Investments are stated at cost. Dividend on Investments is accounted on cash basis. |

4. Inventories:

Stock in Trade include work in progress, completed T V. content valued at cost and usage value of rights of Hindi feature flms and residual right of flms, as certified by the management. However, Net Realisable value cannot be estimated.

5. Foreign Currency Transactions, Forward contracts & Derivatives:

a. The reporting currency of the Company is Indian Rupee.

b. Foreign currency transactions are recorded on initial recognition in the reporting currency, using the exchange rate at the date of transaction. Exchange differences that arise on settlement of monetary items are: -

i. Adjusted in the cost of fxed assets specifcally fnanced by the borrowings to which the exchange differences relate.

ii. Recognized as income or expense in the period in which they arise in other cases.

The above treatment is in accordance with AS - 11 (Revised) issued by ICAI.

6. Retirement Benefts:

a. Short Term Employee Benefts:

Short Term Employee Benefts include salaries, wages, bonus, exgratia, leave salary etc., and the same are recognized as an expenses at the undiscounted amount in the profit & loss account of the year in which the relevant service is rendered.

b. Post Employment Benefts:

i. Defned Contribution Plan:-

In accordance with the provisions of Employees Provident Funds and Miscellaneous Provisions Act, 1952, eligible employees of the Company are entitled to receive benefits with respect to provident fund. The Company contribution towards Provident Fund and Family Pension Fund is charged to Proft & Loss Account.

ii. Defned Benefts Plan:-

Gratuity liability has been provided on the basis of Actuarial Valuation done by the independent actuary.

7. Depreciation:

Depreciation on Fixed Assets has been provided on Straight Line Method as prescribed in Schedule XIV of the Companies Act, 1956 except on offce fat. Depreciation on additions to assets during the year is provided on pro-rata basis. Brands had been amortized over a period of 10 years.

8. Revenue Recognition:

a. Sales and Services are stated at net of agency commission, if any.

b. In respect of sponsored programs, revenue is recognized as on date of telecast, if any.

c. In respect of commissioned programs, revenue is recognized as on date of delivery.

)d. Interest income is accounted on accrual basis. The above treatment is in accordance with AS - 9 issued by ICAI.

9. Taxes on Income:

a. Tax on income for the current period is determined on the basis of estimated taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961 and based on the expected outcome of assessments/appeals.

b. Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, on timing differences, being the difference between taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

c. Deferred tax assets are recognized & carried forward only to the extent that there is reasonable certainty supported by convincing evidence that suffcient future taxable income will be available against which such deferred tax assets can be realized.

d. Deferred tax is qualified using the tax rates and laws enacted or substantively enacted as on balance sheet date.

The above treatment is in accordance with AS - 22 issued by ICAI.

10. Events occurring after the balance sheet date :

Events occurring after the date of balance sheet, where material, are considered up to the date of approval of the accounts by the Board of Directors.

11. Provisions, Contingent liabilities & Contingent assets:

Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if

a. the company has a present obligation as a result of past event:

(1) a probable outflow of resources is expected to settle the obligation: and

(2) the amount of the obligation can be reliably estimated:

i. Reimbursements by another party, expected in respect of expenditure required to settle a provision, is recognized when it is virtually certain that reimbursement will be received if obligation is settled.

ii. Contingent liability is disclosed in the case of :-

a. a present obligation arising from a past event, when it is not possible that an outfow of resources will be required to settle the obligation;

b. a possible obligation, unless the probability of outfow of resources is remote.

(3) Contingent assets are neither disclosed nor recognized.

(4) Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.

12. Borrowing Cost :

Interest and other cost in connection with borrowing of funds to the extent related/attributed to the acquisition/construction of qualifying fxed asset are capitalized up to the date when such assets are ready for its intended use and other borrowing cost are charged to proft and loss account.


Mar 31, 2012

1. Basis of Presentation:

a. The Company maintains its accounts on accrual basis following the historical cost convention, in accordance with the Generally Accepted Accounting Policies (GAAP) and in compliance with the Accounting Standards referred to in Section 211 (3C) and other provisions of the Companies Act, 1956.

b. The preparation of accounts under GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities as at the date of the financial statements and the reported amounts of revenues and expenses during the year. Examples of such estimates include the useful lives of fixed assets and intangible assets, provision for doubtful debts/advances, future obligation in respect of retirement benefit plans, etc. Actual result could differ from these estimates. Any revisions to accounting estimates are recognized prospectively in the current and future periods.

2. Fixed Assets:

a. Fixed Assets are stated at the cost net of tax/duty credit availed, if any.

b. Fixed Assets are stated at cost less accumulated depreciation. The cost of assets includes direct/indirect and incidental cost incurred to bring the assets to its use.

3. Investments:

Investments are stated at cost. Dividend on Investments is accounted on cash basis.

4. Inventories:

Stock in Trade include work in progress, completed T. V. content valued at cost and usage value of rights of Hindi feature films and residual right of films, as certified by the management. However, Net Realisable value cannot be estimated.

5. Foreign Currency Transactions, Forward contracts & Derivatives:

a. The reporting currency of the Company is Indian Rupee.

b. Foreign currency transactions are recorded on initial recognition in the reporting currency, using the exchange rate at the date of transaction. Exchange differences that arise on settlement of monetary items are: -

i. Adjusted in the cost of fixed assets specifically financed by the borrowings to which the exchange differences relate.

ii. Recognized as income or expense in the period in which they arise in other cases.

The above treatment is in accordance with AS - 11 (Revised) issued by ICAI.

6. Retirement Benefits:

a. Short Term Employee Benefits:

Short Term Employee Benefits include salaries, wages, bonus, exgratia, leave salary etc., and the same are recognized as an expenses at the undiscounted amount in the profit & loss account of the year in which the relevant service is rendered.

b. Post Employment Benefits:

i. Defined Contribution Plan:-

In accordance with the provisions of Employees Provident Funds and Miscellaneous Provisions Act, 1952, eligible employees of the Company are entitled to receive benefits with respect to provident fund. The Company contribution towards Provident Fund and Family Pension Fund is charged to Profit & Loss Account.

ii. Defined Benefits Plan:-

Gratuity liability has been provided on the basis of Actuarial Valuation done by the independent actuary.

7. Depreciation:

Depreciation on Fixed Assets has been provided on Straight Line Method as prescribed in Schedule XIV of the Companies Act, 1956 except on office flat. Depreciation on additions to assets during the year is provided on pro-rata basis. Brands are amortized over a period of 10 years.

8. Revenue Recognition:

a. Sales and Services are stated at net of agency commission, if any.

b. In respect of sponsored programs, revenue is recognized as on date of telecast, if any.

c. In respect of commissioned programs, revenue is recognized as on date of delivery.

d. Interest income is accounted on accrual basis.

The above treatment is in accordance with AS - 9 issued by ICAI.

9. Taxes on Income:

a. Tax on income for the current period is determined on the basis of estimated taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961 and based on the expected outcome of assessments/appeals.

b. Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, on timing differences, being the difference between taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

c. Deferred tax assets are recognized & carried forward only to the extent that there is reasonable certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realized.

d. Deferred tax is qualified using the tax rates and laws enacted or substantively enacted as on balance sheet date.

The above treatment is in accordance with AS - 22 issued by ICAI.

10. Events occurring after the balance sheet date :

Events occurring after the date of balance sheet, where material, are considered up to the date of approval of the accounts by the Board of Directors.

11. Provisions, Contingent liabilities & Contingent assets:

Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if

a. the company has a present obligation as a result of past event:

(1) a probable outflow of resources is expected to settle the obligation: and

(2) the amount of the obligation can be reliably estimated:

i. Reimbursements by another party, expected in respect of expenditure required to settle a provision, is recognized when it is virtually certain that reimbursement will be received if obligation is settled.

ii. Contingent liability is disclosed in the case of :-

a. a present obligation arising from a past event, when it is not possible that an outflow of resources will be required to settle the obligation;

b. a possible obligation, unless the probability of outflow of resources is remote.

(3) Contingent assets are neither disclosed nor recognized.

(4) Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.

12. Borrowing Cost :

Interest and other cost in connection with borrowing of funds to the extent related/attributed to the acquisition/ construction of qualifying fixed asset are capitalized up to the date when such assets are ready for its intended use and other borrowing cost are charged to profit and loss account.


Mar 31, 2010

1. Basis of Presentation:

a. The Company maintains its accounts on accrual basis following the historical cost convention, in accordance with the Generally Accepted Accounting Policies (GAAP) and in compliance with the Accounting Standards referred to in Section211 (3C) and other provisions of the Companies Act, 1956.

b. The preparation of accounts under GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities as at the date of the financial statements and the reported amounts of revenues and expenses during the year. Examples of such estimates include the useful lives of fixed assets and intangible assets, provision for doubtful debts/advances, future obligation in respect of retirement benefit plans, etc. Actual result could differ from these estimates. Any revisions to accounting estimates are recognized prospectively in the current and future periods.

2. Fixed Assets:

a. Fixed Assets are stated at the cost net of tax/duty credit availed, if any.

b. Fixed Assets are stated at cost less accumulated depreciation. The cost of assets includes direct/indirect and incidental cost incurred to bring the assets to its use.

3. Investments:

Investments are stated at cost. Dividend on Investments is accounted on cash basis.

4. Inventories:

Inventories include work in progress, completed T. V. content valued at cost and usage value of rights of Hindi feature films and residual right of films, as certified by the management.

5. Foreign Currency Transactions, Forward contracts & Derivatives:

a. The reporting currency of the Company is Indian Rupee.

b. Foreign currency transactions are recorded on initial recognition in the reporting currency, using the exchange rate at the date of transaction. Exchange differences that arise on settlement of monetary items are: -

i. Adjusted in the cost of fixed assets specifically financed by the borrowings to which the exchange differences relate.

ii.Recognized as income or expense in the period in which they arise in other cases. The above treatment is in accordance with AS-11 (Revised) issued by ICAI.

6. Retirement Benefits:

Provisions for/contributions to retirement benefit schemes are made as follows: -

a. Provident Fund Contributions on actual liability basis.

b. Superannuation contributions are accrued on actual liability basis.

c. Gratuity contributions are determined & accrued on the basis of actuarial valuation.

d. Leave encashment benefits are determined & accrued on the basis of actuarial valuation.

7. Depreciation:

Depreciation on Fixed Assets has been provided on Straight Line Method as prescribed in Schedule XIV of the Companies Act, 1956 except on office flat. Depreciation on additions to assets during the year is provided on pro-rata basis. Brands are amortized over a period of 10 years.

8. Revenue Recognition:

a. Sales and Services are stated at net of agency commission, if any.

b. In respect of sponsored programs, revenue is recognized as on date of telecast, if any.

c. In respect of commissioned programs, revenue is recognized as on date of delivery.

d. Interest income is accounted on accrual basis.

The above treatment is in accordance with AS-9 issued by ICAI.

9. Taxes on Income:

a. Tax on income for the current period is determined on the basis of estimated taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961 and based on the expected outcome of assessments/appeals

b. Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, on timing differences, being the difference between taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

c. Deferred tax assets are recognized & carried forward only to the extent that there is reasonable certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realized.

d. Deferred tax is qualified using the tax rates and laws enacted or substantively enacted as on balance sheet date. The above treatment is in accordance with AS-22 issued by ICAI.

10. Events occurring after the balance sheet date:

Events occurring after the date of balance sheet, where material, are considered up to the date of approval of the accounts by the Board of Directors.

11. Provisions, Contingent iiabilities & Contingent assets:

Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if

a. the company has a present obligation as a result of past event:

b. a probable outflow of resources is expected to settle the obligation: and

c. the amount of the obligation can be reliably estimated:

i. Reimbursements by another party, expected in respect of expenditure required to settle a provision, is

recognized when it is virtually certain that reimbursement will be received if obligation is settled. ii. Contingent liability is disclosed in the case of :-

a. a present obligation arising from a past event, when it is not possible that an outflow of resources will be required tc settle the obligation;

b. a possible obligation unless the probability of outflow of resources is remote.

d. Contingent assets are neither disclosed nor recognized.

e. Provisions, contingent liabilities and contingent assets are reviewed at each balance sheet date.

12. Borrowing Cost:

Interest and other cost in connection with borrowing of funds to the extent related/attributed to the acquisition/construction of qualifying fixed asset are capitalized up to the date when such assets are ready for its intended use and other borrowing cost are charged to profit and loss account.

 
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