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Accounting Policies of Duropack Ltd. Company

Mar 31, 2015

Set out hereunder are the significant accounting policies adopted by the company in the prepration of the accounts for the year ended 31st March, 2015. There is no material change in accounting policies of the Company

Method of Accounting

The company follows "Mercantile System" of accounting

Inventory Valuation

Stock of Raw Material, Stores, Spare & Packing Material Stated at cost. Finished goods, work in Progress and Scrap are valued at estimated cost (excluding excise duty) or realizable value, whichever is lower.

Depreciation

Depreciation has been calculated on written down value method at the rates given in schedule II of the Companies Act, 2013.

Gratuity

Provision has been made in the books for accruing liability under the payment of gratuity act 1972 to the employees on their future retirement or termination of service

Insurance/Claim

The premium pertaining to the year is charged against the revenue of the year. Insurance Claim lodged by the company will be adjusted as and when the final amount will be determined by the insurance companies.

Revenue Recognition

i) Sales are stated net of return, rebate & discount and excluding Sales Tax

ii) Services income is recognized when the services are rendered

iii) Scrape is accounted for on sales basis

iv )Interest income is recognized on accrual basis


Mar 31, 2014

Set out hereunder are the significant accounting policies adopted by the company in the prepration of the accounts for the year ended 31st March, 2013. There is no material change in accounting policies of the Company

Method of Accounting

The company follows "Mercantile System" of accounting

Inventory Valuation

Stock of Raw Material, Stores, Spare & Packing Material Stated at cost. Finished goods, work in Progress and Scrap are valued at estimated cost (excluding excise duty) or realizable value, whichever is lower.

Depreciation

Depreciation has been calculated on written down value method at the rates given in schedule XIV of the Company Acts, 1956.

Gratuity

Provision has been made in the books for accruing liability under the payment of gratuity act 1972 to the employees on their future retirement or termination of service

Insurance/Claim

The premium pertaining to the year is charged against the revenue of the year. Insurance Claim lodged by the company will be adjusted as and when the final amount will be determined by the insurance companies.

Revenue Recognition

a) Sales are stated net of return, rebate & discount and excluding Sales Tax

b) Services income is recognized when the services are rendered

c) Scrape is accounted for on sales basis

d) Interest income is recognized on accrual basis


Mar 31, 2013

Set out hereunder are the significant accounting policies adopted by the company in the prepration of the accounts for the year ended 31st March, 2013. There is no material change in accounting policies of the Company

Method of Accounting

The company follows "Mercantile System" of accounting

Inventory Valuation

Stock of Raw Material, Stores, Spare & Packing Material Stated at cost. Finished goods, work in Progress and Scrap are valued at estimated cost (excluding excise duty) or realizable value, whichever is lower.

Depreciation

Depreciation has been calculated on written down value method at the rates given in schedule XIV of the Company Acts, 1956.

Gratuity

Provision has been made in the books for accruing liability under the payment of gratuity act 1972 to the employees on their future retirement or termination of service

Insurance/Claim

The premium pertaining to the year is charged against the revenue of the year. Insurance Claim lodged by the company will be adjusted as and when the final amount will be determined by the insurance companies.

Revenue Recognition

a) Sales are stated net of return, rebate & discount and excluding Sales Tax

b) Services income is recognized when the services are rendered

c) Scrape is accounted for on sales basis

d) Interest income is recognized on accrual basis


Mar 31, 2012

Set out hereunder are the significant accounting policies adopted by the company in the prepration of the accounts for the year ended 31st March, 2012. There is no material change in accounting policies of the Company

Method of Accounting

The company follows "Mercantile System" of accounting

Inventory Valuation

Stock of Raw Material, Stores, Spare & Packing Material Stated at cost. Finished goods, work in Progress and Scrap are valued at estimated cost (excluding excise duty) or realizable value, whichever is lower.

Depreciation

Depreciation has been calculated on written down value method at the rates given in schedule XIV of the Company Acts, 1956.

Gratuity

Provision has been made in the books for accruing liability under the payment of gratuity act 1972 to the employees on their future retirement or termination of service.

Insurance/Claim

The premium pertaining to the year is charged against the revenue of the year. Insurance Claim lodged by the company will be adjusted as and when the final amount will be determined by the insurance companies.

Revenue Recognition

a) Sales are stated net of return, rebate & discount and excluding Sales Tax.

b) Services income is recognized when the services are rendered.

c) Scrap is accounted for on sales basis.

d) Interest income is recognized on accrual basis.


Mar 31, 2010

Set out hereunder are significant accounting policies adopted y the company in the preparation of the account for the period ended 31st March,2010.

a) Inventory Valuation

Stock of Raw Material, Stores, Spare & Packing Material Stated at cost. Finished goods, work in progress and Scrap are valued at estimated cost or realizable value, whichever is lower.

b) Depreciation

Depreciation has been calculated on written down value method at the rates given in schedule XIV of the Company Acts, 1956.

c) Gratuity

Provision has been made in the books for accruing liability under the payment of gratuity act,1972 to the employees on their future retirement or termination of service.

d) Insurance/Claim

The Company covers all normal risks on basis of costs for the fixed assets and the inventories. The premium pertaining to the year is charged against the revenue of the year. Insurance Claim lodged by the company will be adjusted as and when the final amount will be determined by the insurance companies.

e) Investments Investments are stated at cost.

f) Sales

Sales are stated net of return, rebate & discount and Sales Tax but inclusive of Excise Duty

g) Revenue Recognition

Dividend income is accounted on cash basis.


Mar 31, 2009

Set out hereunder are significant accounting policies adopted y the company in the preparation of the account for the period ended 31st March, 2009.

a) Inventory Valuation

Stock of Raw Material, Stores, Spare & Packing Material Stated at cost. Finished goods, work in progress and Scrap are valued at estimated cost or realizable value, whichever is lower.

b) Depreciation

Depreciation has been calculated on written down value method at the rates given in schedule XIV of the Company Acts, 1956.

c) Gratuity

Provision has been made in the books for accruing liability under the payment of gratuity act, 1972 to the employees on their future retirement or termination of service.

d) Insurance/Claim

The Company covers all normal risks on basis of costs for the fixed assets and the inventories. The premium pertaining to the year is charged against the revenue of the year. Insurance Claim lodged by the company will be adjusted as and when the final amount will be determined by the insurance companies.

e) Investments

Investments are stated at cost.

f) Sales

Sales are stated net of return, rebate & discount and Sales Tax but inclusive of Excise Duty

g) Revenue Recognition

Dividend income is accounted on cash basis.

 
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