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Accounting Policies of Crescent Leasing Ltd. Company

Mar 31, 2011

1) The financial statements have been prepared in accordance with the historical cost convention of a going concern on mercantile basis,

2) Accounting policies not specifically disclosed are consistent and in accordance with generally accepted accounting practice.

3) The company follows the mercantile system of accounting and recognizes Income and expenditure on accrual basis except dividend income which is accounted for on cash basis.

4) Investments in shares & securities are valued at cost.

5) Fixed assets are stated at cost of acquisition plus all expenses incurred for this purpose.

6) Depreciation on fixed assets have been provided for written down value method on the basis of the rates as provided in companies act, 1956.

7) Contingent liabilities: provision is made in accounts in respect of those which are likely to materialize after the year end till the finalization of accounts and have material effect on the position stated in balance sheet.

8) Taxes on income: tax expense comprise both current tax applicable enacted rates. Current tax represents the amount of Income Tax Payable / recoverable in respect of taxable income/ loss for the reporting period.

Deferred Tax represents the effect of timing differences between taxable & accounting income for the reporting period that originate in period and are capable of reversal in one or more subsequent period.

Oct 21, 12:00 am
Oct 21, 4:14 pm
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