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Accounting Policies of Funny Software Ltd. Company

Mar 31, 2014

1 Basis of Accounting

The financial statements are prepared under the historical cost convention on the concept of a going concern, in accordance with the Generally Accepted The financial statements are mandatory Accounting Standards as not,fled under the Companies (Accounting Standards) Rules, 2006 and as per the provisons and presentational requirements of the Companies Act, 1956.

2 Changes in Accounting Policies

The accounting policies adopted consistent with those of previous flnancial year. The management assures that there has been no change in accounting policies as compared to that of previous year which would have any significant effect on these financials.

3 Recognition of income

Sales represents invoiced Value of goods Sold. Other Income is recognised and accounted for on accrual basis unless otherwise stated.

4 Tangible Fixed Assets

Fixed assets are stated at cost less accumulated depreciation and impairment losses, if any. Cos. comprises the purchase price and any period cost of bringing the assets to its working condition for its intended use Borrovnng costs relating to acquisition of fixed assess which take substantia, penod of time .toget ready for its intended use are also included to the extent they relate to the penod till such assets are ready to be put to use

4 (A)- Depreciation on tangible fixed assets

Depreciation has been provided on Tangible Assets as per AS-6

5 Taxes on Income

Current tax is determined and provided for on the amount of taxable income at the applicable rates for the relevant financial year Deferred Tax Assets and Liabilities (DTA/ DTL) are recognised subject to consideration of prudence, on timing differences, being the difference between taxable income and accounting income tharong^e in one period and is capabie of reversal in one or more subsequent periods.The DTA ,s recognised only to the extent mat there is reasonable certainty of sufficient future profits against which such DTA can be realised.

6 Contingent Liability

The contingent liability if any. are disclosed in the Notes to Accounts. Provision is made fit the accounts, if it becomes probable that there will be outflow of resouces for settling the obligation.

7 Events occuring ofter the balance sheet date

Ajustments to assets and liabilities are made for events occurring after the balance sheet date to provide additional information materially affecting the determination of the amounts of assets or liabilities relating to conditions existing at the balance sheet date.

8 Earnings Per Share

Basic earings per share are calculated by dividing the ne, profit or loss for the year/ period attributable to equity shareholders by the weighted average number of equity shares outstanding during the year/ period.

9 Use of estimates

The preparation of financial statemenst in conformity with generally accepted accounting principles,requires management to make estimates and assumptions that affect the reported amounts of asets and liabilites and the disclosure of contingent assets and liabilites on the financial statements and the results of operations during the reporting year. Actual reslults could differ from those estimates. Any revision to accounting estimatesin recognised prospectively in current and future periods.

10 Foreign Currency Trasaction

curreiencies are normally recorded a, the exchange rate prevailing at the time of the transaction Monetary items denominated in foreign currencies at the year end are transited the rate ruling at the year end rate.


Mar 31, 2011

I Accounting Conventions:

The accounts are prepared under historical cost convention and on accrual basis. Accounting policies not referred to otherwise are consistent with generally accepted accounting principles.

II Investments:

Investments are classified into current and long term Investments.

a) Long term investments are stated at cost of acquisition. Provision for diminution is made only to recognize a decline other than temporary, if any, in the value of investments.

b) Current investments are carried at lower of cost and fair market value.

III Accounting policies not specifically referred to are consistent with generally accepted accounting principles.


Mar 31, 2010

I Accounting Conventions:

The accounts are prepared under historical cost convention and on accrual basis. Accounting policies not referred to otherwise are consistent with generally accepted accounting principles.

II Investments:

Investments are classified into current and long term Investments.

a) Long term investments are stated at cost of acquisition. Provision for diminution is made only to recognize a decline other than temporary, if any, in the value of investments.

b) Current investments are carried at lower of cost and fair market value.

III Accounting policies not specifically referred to are consistent with generally accepted accounting principles.

 
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