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