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Accounting Policies of Gee Gee Granites Ltd. Company

Mar 31, 2013

A) Basis of Preparation

These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India under the historical cost convention on accrual basis. These financial statements have been prepared to comply in all material aspects with the Accounting Standards notified under Section 211 (3C) (Companies (Accounting Standards) Rules, 2006, as amended) and the other relevant provisions of the Companies Act, 1956.

b) Changes in Accounting policy

Financial Statements have been prepared in accordance with the applicable Accounting Standards. There are no changes in Accounting policy during the year.

c) Fixed assets

There are no Fixed Assets in the company.

d) Depreciation/Amortisation

Since there is no Fixed assets, the question of Depreciation does not arise.

e) Non current Investments

The company has no Non current investments.

f) Employee benefits

As there are no employees, question of employee benefits does not arise.

g) Revenue recognition

There is no revenue from operations during the year.

h) Taxation

Current income tax comprises Income tax payable in India which is determined in accordance with the provisions of the Income tax act, 1961.

i) Inventories

There are no Inventories in the business

j) Note on cashflow, contingencies and events occuring after the Balance sheet date : NIL I) Earnings Per Share is Rs.0.70


Mar 31, 2012

A) Basis of Preparation

These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India under the historical cost convention on accrual basis. These financial statements have been prepared to comply in all material aspects with the Accounting Standards notified under Section 211 (3C) Companies (Accounting Standards) Rules, 2006, as amended and the other relevant provisions of the Companies Act, 1956.

b) Changes in Accounting policy

Financial Statements have been prepared in accordance with the applicable Accounting Standards. There are no changes in Accounting policy during the year.

c) Fixed assets

There are no Fixed assets in the company.

d) Depreciation/Amortisation

Since there is no Fixed assets, the question of depreciation does not arise.

e) Non current Investments

The company has no Non current investments.

f) Employee benefits

As there are no employees, question of employee benefits does not arise.

g) Revenue recognition

There is no revenue from operations during the year.

h) Taxation

Current income tax comprises Income tax payable in India which is determined in accordance with the provisions of the Income tax act, 1961.

i) Inventories

There are no Inventories in the business

k) Note on cashflow, contingencies and events occuring after the Balance sheet date : NIL

I) Earnings Per Share is Rs.(-)0.07

 
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