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Accounting Policies of Genus Commu-Trade Ltd. Company

Mar 31, 2012

A. Basis for preparation of financial Statements

The financial statements have been prepared under the historical cost convention in accordance with Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956, as adopted consistently by the Company as adopted consistently by the company. All income and expenditure having a material bearing on the financial statements are recognized on accrual basis.

b. Fixed Assets

Fixed Assets are stated on cost less depreciation.

c. Depreciation

Depreciation on fixed assets is provided on written down value method at the rates prescribed in schedule XIV to the Companies Act, 1956. Depreciation on additions during the years have been provided on pro-rata basis

d. Revenue Recognition

The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties. The Principles of revenue recognition are given below

Revenue from the sale of goods is recognized when supply of goods takes place in accordance with the term of sales and on passing of title to the customers

e. Investment

Investments are valued at cost.

f. Taxation

The provision for taxation is ascertained profit computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognized subject to the consideration of prudence, on timing difference, being the difference taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent period.


Mar 31, 2011

A. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention in accordance with Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956, as adopted consistently by the Company as adopted consistently by the company. All income and expenditure having a material bearing on the financial statements are recognized on accrual basis.

b. REVENUE RECOGNITION

The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties. The Principles of revenue recognition are given below.

- Revenue from the sale of goods is recognized when supply of goods takes place in accordance with the term of sales and on passing of title to the customers.

c. INVENTORIES

- Shares are valued at purchase cost.


Mar 31, 2010

A. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention in accordance with Accounting standards issued by the institute of Chartered Accountants of India and the provisions of the Companies Act, 1956, as adopted consistently by the Company. Ail income and expenditure having a material bearing on the financial statements are recognized on accrual basis.

b. REVENUE RECOGNITION

The company follows the mercantile system of accounting and recognizes Income and expenditure on accrual basis except in case of significant uncertainties The principles of revenue recognition are given below.

C. INVENTORIES

- Shares are valued at purchase cost .


Mar 31, 2009

(i) METHOD OF ACCOUNTING:

The financial statements have been prepared on the historical cost convention and in accordance with normally accepted Accounting Principles.


Revenues/Incomes and costs/expenditures are generally accounted on Accrual basis. As they are earned or incurred.

(iii) FIXED ASSETS:

Fixed assets are stated at cost less accumulated depreciation.

(iv) DEPRECIATION:

The Company has provided depreciation pro-rata on the S.L.M method at the rates specified in Schedule XIV OF THE Companies Act 1958.

(v) INVESTMENT:

Investments are valued at cost.

(vi) INVENTORIES:

Securities shown as Inventories are valued scrip wise at Cost.

(vii) TAXATION:

Provision for taxation has been made in accordance with, income Tax Law and Rules prevailing at the time of the relevant assessment years.

(viii) PRELIMINARY EXPENSES:

Preliminary and share issue expenses are amortised over the period of five accounting years.

(ix) EARNING PER SHARES:

The Company report Basic and Diluted Earning Per Share in accordance with Accounting Standards (AS) 20 "Earning Per Shares" issued by The institute of Chartered Accountants of India. Basic Earning Per Share is computed by dividing net profit after tax by the weighted average number of equity shares outstanding for the period. Diluted Earning Per Share is computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the period.

(x) IMPAIRMENT OF ASSETS:

Impairment loss, if any, is provided to the extent the carrying amount of assets exceeds their recoverable amount. Recoverable amount is higher of an assets net selling price and its value in use. Value in use is the present value of estimated future cash flow expected to arise from the continuing use of an asset and from its disposal at the of its useful life.

 
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