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Accounting Policies of Creative Merchants Ltd. Company

Mar 31, 2014

(A) METHOD OF ACCOUNTING:

The Accounts of the Company are prepared under the Historical Cost Convention using the Mercantile Method of Accounting.

(B) FIXED ASSETS:

Company has no fixed Assets at the end of financial year hence question of its valuation does not arise.

(C) DEPRECIATION:

The question of providing Depreciation in absence of Fixed Assets does not arise.

(D) INVESTMENTS:

The investments are shown at cost and are inclusive of related expenses. Income from these deposit & Investment is accounted on Receipt basis from the available information.

(E) INVENTORY:

Inventories are valued at a cost or net realizable price whichever is lower.

(F) RETIREMENT BENEFITS:

Gratuity and Provident Fund are not provided in the books since not applicable.

(G) CAPITAL ISSUE EXPENDITURE:

Company has written off Preliminary and Pre-operative expenses amounting to Rs. 3,04,303 during the year.

 
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