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Accounting Policies of G R Cables Ltd. Company

Mar 31, 2015

A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The Company follows the Mercantile System of accounting and recognizes income and expenditure on accrual basis (except deferred sales tax loan, which have been accounted on Net Present Value basis) and as going concern. The Accounts are prepared on historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Principles.

B. FIXED ASSETS:

Fixed assets are shown at cost less depreciation. Cost comprises of purchase price and attributable other expenses less Excise Duty.

C. DEPRECIATION ON FIXED ASSETS:

Depreciation on Fixed Assets is provided on the straight-line method at the rates specified in Part 'C of Schedule II of the Companies Act, 2013.

D. INVENTORIES:

Raw Materials, Stores and Spares, Work-in-progress and Finished Goods are valued at cost or market price whichever is low, scrap is valued at net realizable value.

E. TREATMENT OF RETIREMENT BENEFITS:

Gratuity liability and Leave Encashment benefits are determined by the company on accrual basis according to the eligibility of the employees.

F. FOREIGN CURRENCY TRANSACTIONS:

1. Investments in shares of foreign subsidiary are expressed in Indian Currency at the rates of exchange prevailing at the time when the original investments are made.

2. Foreign Currency Transactions are accounted at the exchange rates prevailing at the date of transaction. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the profit and loss account.


Mar 31, 2013

A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

not referred to otherwise are consistent with Generally Accepted A ng p ounting

B. FIXED ASSETS:

Fixedassets are shown at cost less depreciation. Cost comprises of purchase price and attributable other expenses less Excise Duty.

C. DEPRECIATION ON RXED ASSETS:

D. INVENTORIES:

value.

E. TREATMENT OF RETIREMENT BENEFITS:

F. FOREIGN CURRENCY TRANSACTIONS:


Mar 31, 2012

A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The Company follows the Mercantile System of accounting and recognizes income and expenditure on accrual basis (except deferred sales tax loan, which have been accounted on Net Present Value basis) and as going concern. The Accounts are prepared on historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Principles.

B. FIXED ASSETS:

Fixed assets are shown at cost less depreciation. Cost comprises of purchase price and attributable other expenses less Excise Duty.

C. DEPRECIATION ON FIXED ASSETS:

Depreciation on Fixed Assets is provided on the straight-line method at the rates specified in Schedule XIV of the Companies Act, 1956.

D. INVENTORIES:

Raw Materials, Stores and Spares, Work-in-progress and Finished Goods are valued at cost or market parice which ever is low, scrap is valued at net realizable value.

E. TREATMENT OF RETIREMENT BENEFITS:

Gratuity liability and Leave Encashment benefits are determined by the company on accrual basis according to the eligibility of the employees.

F. FOREIGN CURRENCY TRANSACTIONS:

1. Investments in shares of foreign subsidiary are expressed in Indian Currency at the rates of exchange prevailing at the time when the original investments are made.

2. Foreign Currency Transactions are accounted at the exchange rates prevailing at the date of transaction. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the profit and loss account.


Mar 31, 2011

A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The Company follows the Mercantile System of accounting and recognizes income and expenditure on accrual basis (except deferred sales tax loan, which have been accounted on Net Present Value basis) and as going concern. The Accounts are prepared on historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Principles.

B. FIXED ASSETS:

Fixed assets are shown at cost less depreciation. Cost comprises of purchase price and attributable other expenses less Excise Duty.

C. DEPRECIATION ON FIXED ASSETS:

Depreciation on Fixed Assets is provided on the straight-line method at the rates specified in Schedule XIV of the Companies Act, 1956.

D. INVENTORIES:

Raw Materials, Stores and Spares, Work-in-progress and Finished Goods are valued at cost or market parice which ever is low, scrap is valued at net realizable value.

E. TREATMENT OF RETIREMENT BENEFITS:

Gratuity liability and Leave Encashment benefits are determined by the company on accrual basis according to the eligibility of the employees.

F. FOREIGN CURRENCY TRANSACTIONS:

1. Investments in shares of foreign subsidiary are expressed in Indian Currency at the rates of exchange prevailing at the time when the original investments are made.

2. Foreign Currency Transactions are accounted at the exchange rates prevailing at the date of transaction. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the profit and loss account.


Mar 31, 2010

A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The Company follows the Mercantile System of accounting and recognizes income and expenditure on accrual basis (except deferred sales tax loan, which have been accounted on Net Present Value basis) and as going concern. The Accounts are prepared on historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Principles.

B. FIXED ASSETS:

Fixed assets are shown at cost less depreciation. Cost comprises of purchase price and attributable other expenses less Excise Duty.

C. DEPRECIATION ON FIXED ASSETS:

Depreciation on Fixed Assets is provided on the straight-line method at the rates specified in Schedule XIV of the Companies Act, 1956.

D. INVENTORIES:

Raw Materials, Stores and Spares, Work-in-progress and Finished Goods are valued at cost or market parice which ever is low, scrap is valued at net realizable value.

E. TREATMENT OF RETIREMENT BENEFITS:

Gratuity liability and Leave Encashment benefits are determined by the company on accrual basis according to the eligibility of the employees.

F. FOREIGN CURRENCY TRANSACTIONS:

1. Investments in shares of foreign subsidiary are expressed in Indian Currency at the rates of exchange prevailing at the time when the original investments are made.

2. Foreign Currency Transactions are accounted at the exchange rates prevailing at the date of transaction. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the profit and loss account.


Sep 30, 2009

A. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The Company follows the Mercantile System of accounting and recognizes income and expenditure on accrual basis (except deferred sales tax loan, which have been accounted on Net Present Value basis) and as going concern. The Accounts are prepared on historical cost basis and as a going concern. Accounting policies not referred to otherwise are consistent with Generally Accepted Accounting Principles..

B. FIXED ASSETS:

Fixed assets are shown at cost less depreciation. Cost comprises of purchase price and attributable other expenses less Excise Duty.

C. DEPRECIATION ON FIXED ASSETS:

Depreciation on Fixed Assets is provided on the straight-line method at the rates specified in Schedule XIV of the Companies Act, 1956.

D. INVENTORIES:

Inventories are valued as under:

i. Raw Materials

At Cost or Market Price whichever is lower

ii. Stores and Spares

At Cost or Market Price whichever is lower

iii. Work-in-progress

At Cost or realisable value whichever is lower

iv. Finished Goods

At Cost or Market Price whichever is lower plus estimated liability of Excise Duty

v. Scrap At net realizable value

E. TREATMENT OF RETIREMENT BENEFITS:

Gratuity liability and Leave Encashment benefits are determined by the company on accrual basis according to the eligibility of the employees.

F. FOREIGN CURRENCY TRANSACTIONS:

1. Investments in shares of foreign subsidiary are expressed in Indian Currency at the rates of exchange prevailing at the time when the original investments are made.

2. Foreign Currency Transactions are accounted at the exchange rates prevailing at the date of transaction. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the profit and loss account.

G. TAXES ON INCOME:

Provision for Deferred Tax on Timing Difference is made as per Accounting Standard - 22 (AS-22) issued by ICAI and provision is made for regular Income Tax and Fringe Benefit Tax as per the provisions of the respective Acts.

H. INVESTMENTS:

Deferred Revenue Expenditure incurred for development of new products will be amortized over a period of Five Years.

 
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