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Accounting Policies of Galaxy Consolidated Finance Ltd. Company

Mar 31, 2014

1. SYSTEM OF ACCOUNTING AND BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements are prepared under the historic cost convention and in accordance with the generally accepted accounting principles in India. The Company follows the mercantile system of accounting and recognizes income / revenue and expenditure / cost on accrual basis.

2. FIXED ASSETS, DEPRECIATION AND AMORTIZATION

Fixed Assets are stated at cost of acquisition or construction less depreciation charged till date. Depreciation has been provided on written down value method at the rates specified, in the Income Tax Act, On the assets which are used for the purpose of business during the year. Charge of depreciation is made to profit and Loss Account. Cost includes all direct cost.

3. IMPAIRMENT OF ASSETS

As asset is treated as impaired when the its carrying cost exceeds the recoverable value. An impairment loss is charged to Profit & Loss Account in the year in which as asset is identified as impaired as and when applicable.

4. INVENTORIES There is no inventory of trading items.

5. INVESTMENTS

Current investments are carried at lower of cost and fair value. Long term investments are stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary.

6. FOREIGN TRANSACTIONS

There is no foreign currency transaction during the year under review.

7. RESEARCH AND DEVELOPMENT COST There are no such expenditure.

8. LEASED ASSETS There are no such assets.

9. CONTINGENT LIABILITIES

All known liabilities wherever material are duly provided for.

10. BORROWING COSTS

All borrowing costs are recognized as expenses for the period in which those are incurred..


Mar 31, 2013

1. System of Accounting: The Company mainly follows the cash system of accounting and generally recognizes income /revenue and expenditure/cost on cash basis. Financial statements are based on historical cost. These costs are not adjusted to reflect the impact of the changing value in the purchasing power of the money.

2. Fixed Assets and Depreciation: Fixed assets are stated at cost less depreciation/amortization. Depreciation has been provided on written down value basis in accordance with Section 205 (2) (a) of the Companies Act, 1956 at the rates specified in Schedule XIV to the Companies Act, 1956 on prorata basis with reference to the date of additions/deletions of the Assets.

3. Investments: Investments are stated at cost of acquisition.

4. Contingent Liabilities: All known liabilities wherever material are duly provided for.


Mar 31, 2012

1. System of Accounting: The Company mainly follows the cash system of accounting and generally recognizes income /revenue and expenditure/cost on cash basis. Financial statements are based on historical cost. These costs are not adjusted to reflect the impact of the changing value in the purchasing power of the money.

2. Fixed Assets and Depreciation: Fixed assets are stated at cost less depreciation/amortization. Depreciation has been provided on written down value basis in accordance with Section 205 (2) (a) of the Companies Act, 1956 at the rates specified in Schedule XIV to the Companies Act, 1956 on prorata basis with reference to the date of additions/deletions of the Assets.

3. Investments: Investments are stated at cost of acquisition.

4. Contingent Liabilities: All known liabilities wherever material are duly provided for.


Mar 31, 2011

1. System of Accounting: The Company mainly follows the cash system of accounting and generally recognizes income /revenue and expenditure/cost on cash basis. Financial statements are based on historical cost. These costs are not adjusted to reflect the impact of the changing value in the purchasing power of the money.

2. Fixed Assets and Depreciation: Fixed assets are stated at cost less depreciation/amortization. Depreciation has been provided on written down value basis in accordance with Section 205 (2) (a) of the Companies Act, 1956 at the rates specified in Schedule XIV to the Companies Act, 1956 on prorata basis with reference to the date of additions/deletions of the Assets.

3. Investments: Investments are stated at cost of acquisition.

4. Contingent Liabilities: All known liabilities wherever material are duly provided for.


Mar 31, 2010

1. Accounts for the current period are for 12 months.

2. The amount of income tax has not been provided considering the provisions of the Income tax Act.

3. Income has been accounted for taking month as a unit.

4. Comparative figures are given in the Balance Sheet and Profit & Loss Account. Figures of Current &. Previous Years are rounded off to nearest rupee, regrouped, rearranged wherever considered necessary.

5. Depreciation on fixed assets of the company has been provided on written down value method at the rates prescribed in the schedule XIV of the Companies Act 1956.

6. The Balance of Sundry Debtors, Sundry Creditors and Loanees along with other accounts are subject to confirmations by concerned parties and Bank Balances are subject to reconciation.

7. Accounting Standard 18- related party disclosures- there were no related parties transactions during the year.

8. The company does not owe any sum to small scale industrial undertakings.


Mar 31, 2009

1. System of Accounting: The Company mainly follows the cash system of accounting and generally recognizes income /revenue and expenditure/cost on cash basis. Financial statements are based on historical cost. These costs are not adjusted to reflect the impact of the changing value in the purchasing power of the money.

2. Fixed Assets and Depreciation: Fixed assets are stated at cost less depreciation/amortization. Depreciation has been provided on written down value basis in accordance with Section 205 (2) (a) of the Companies Act, 1956 at the rates specified in Schedule XIV to the Companies Act, 1956 on prorata basis with reference to the date of additions/deletions of the Assets.

3. Investments: Investments are stated at cost of acquisition.

4. Contingent Liabilities: All known liabilities wherever material are duly provided for.

 
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