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Accounting Policies of Cupid Trades & Finance Ltd. Company

Mar 31, 2014

1. BASIS OF ACCOUNTING:- The Accounts have been prepared on historical cost basis and accrual system of accounting unless otherwise stated.

2. INCOME RECOGNITION: -

2.1 Interest on investments is accounted for on accrual basis.

2.2 Dividend income is accounted for on receipt basis.

2.3 Profit or loss on sale of investments is accounted for as and when the transactions are entered in to.

3. EXPENSES: -The Company provides for all expenses on accrual basis.

4. FIXED ASSETS: Fixed Assets are valued at cost less depreciation. The depreciation has been provided as per rate prescribed in the Income Tax Act 1961.

5. INVENTORY: Inventory is valued at cost.

6. SALES are accounted for on accrual basis

7. GRATUITY: No provision for retirement benefits for employees has been made since the Gratuity Act and Provident Fund Act are not applicable to the Company and the company has adopted PAY-AS-YOU-GO method for the payment of other retirement benefits, if any payable to the Employees.

8. TAXATION

(i) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961.

(ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date.

9. INVESTMENTS: Long term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

10. CONTINGENT LIABLITY: All known liabilities are provided for in the books of account except liabilities of contingent nature which have been adequately disclosed by way of "Notes to the Account"


Mar 31, 2013

1. BASIS OF ACCOUNTING:- The Accounts have been prepared on historical cost basis and accrual system of accounting unless otherwise stated.

2. INCOME RECOGNITION : -

2.1 Interest on investments is accounted for on accrual basis.

2.2 Dividend income is accounted for on receipt basis.

2.3 Profit or loss on sale of investments is accounted for as and when the transactions are entered in to.

3. EXPENSES: -The Company provides for all expenses on accrual basis.

4. FIXED ASSETS: Fixed Assets are valued at cost less depreciation. The depreciation has been provided as per rate prescribed in the Income Tax Act 1961.

5. INVENTORY: Inventory is valued at cost.

6. SALES are accounted for on accrual basis

7. GRATUITY: No provision for retirement benefits for employees has been made since the Gratuity Act and Provident Fund Act are not applicable to the Company and the company has adopted PAY-AS-YOU-GO method for the payment of other retirement benefits, if any payable to the Employees.

8. TAXATION

(i) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961.

(ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date.

9. INVESTMENTS: Long term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

10. CONTINGENT LIABLITY: All known liabilities are provided for in the books of account except liabilities of contingent nature which have been adequately disclosed by way of "Notes to the Account''''


Mar 31, 2012

1. BASIS OF ACCOUNTING:-

The Accounts have been prepared on historical cost basis and accrual system of accounting unless otherwise stated.

2. INCOME RECOGNITION : -

2.1 Interest on investments is accounted for on accrual basis.

2.2 Dividend income is accounted for on receipt basis.

2.3 Profit or loss on sale of investments is accounted for as and when the transactions are entered in to.

3. EXPENSES: -The Company provides for all expenses on accrual basis.

4. FIXED ASSETS: Fixed Assets are valued at cost less depreciation. The depreciation has been provided as per rate prescribed in the Income Tax Act 1961.

5. INVENTORY: Inventory is valued at cost.

6. SALES are accounted for on accrual basis

7. GRATUITY: No provision for retirement benefits for employees has been made since the Gratuity Act and Provident Fund Act are not applicable to the Company and the company has adopted PAY-AS-YOU-GO method for the payment of other retirement benefits, if any payable to the Employees.

8. TAXATION

(i) Provision for current tax is made in the accounts on the basis of estimated tax liability as per the applicable provisions of the Income Tax Act, 1961.

(ii) Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date.

9. INVESTMENTS: Long term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such decline is other than temporary in the opinion of the management.

10. CONTINGENT LIABLITY: All known liabilities are provided for in the books of account except liabilities of contingent nature which have been adequately disclosed by way of "Notes to the Account''


Mar 31, 2010

A. The company follows the accrual system of accounting in respect of all income and expenditure except dividend which is accounted on receipt basis.

B. Fixed assets are valued at cost and depreciation is provided on written down value method as per rates prescribed under Income Tax Act 1961

C. Inventories are valued at cost.


Mar 31, 2009

A. The company follows the accrual system of accounting in respect of all income and expenditure except dividend which is accounted on receipt basis.

B. Fixedassets are valued at cost and depreciation is provided on written down value method as per rates prescribed under Income Tax Act 1961

C- inventories-are valued at cost.

 
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