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Accounting Policies of Gallops Enterprise Ltd. Company

Mar 31, 2010

(1) Basis of Accounting:

The financial statements have been prepared under historical cost convention on accrual basis

(2) Fixed Assets:

Fixed assets are shown at cost less accumulated Depreciation

(3) Depreciation

Depreciation on fixed assets is provided under straight line method at the rates and in the manner specified under Schedule XIV to the Compaines Act. 1956

(4) Inventories:

Inventories i.e. Stock in Trade of Equity Shares are valued at cost or market value whichever is lower

(5) Income.

No income is recognised in respect to past dues if any on Non-Performing Assets Overdue Income is recognised as income on realisation.

(6) Earning per Share

The basic and diluted Earnings per Share is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year

(7) Provision for Taxation

Tax expense comprises of current tax, deferred tax and fringe benefit tax

Provision for taxation is computed as per the total income returnable under the Income Tax Act, 1961


Mar 31, 2009

1) Basis of Accounting: ,-1ie financial statements have beer prepared under historical cost convention on accrual basis

(2) Fixed Assets:

Fixed assets are shown at cost less accumulated Depreciation.

(3) Depreciation1

Depreciation on fixed assets is provided under straight line method at the rates and in the manner specified under Schedule XIV to the Compaines Act. 1956

(4) Inventories

Inventories i e Stock in Trade of Equity Shares are valued at cost or market value whichever is lower.

(5) Income:

No income is recognised in respect to past dues if any on Non-Performing Assets. Overdue Income is recognised as income on realisation

(6) Earning per Share

The basic and diluted Earnings per Share is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.

(7) Provision for Taxation

Tax expense comprises of current tax, deferred tax and fringe benefit tax . Provision for taxation Is computed as per the total income returnable under me Income Tax Act, 1961

 
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