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Accounting Policies of Global Land Masters Corporation Ltd. Company

Mar 31, 2014

1.1 Accounting concepts

The company follows Mercantile System of Accounting and recognizes income & expenditure on accrual basis. However, indeterminate Income / Expenditures, if any have been accounted for as & when settled. The accounts have so far been prepared on historical cost convention

Accounting policies not specifically referred to, are consistent with generally accepted accounting polices.

1.2 Fixed Assets & Depreciation

i) Fixed Assets are stated at cost.

ii) Depreciation

Depreciation has been provided on straight light method as per the rates specified Under Schedule XIV to the Companies Act, 1956.

1.3 Inventories:

They are valued at cost or market value whichever is less.

1.4 Investments

Investments are held at cost or market value, whichever is lower.

1.5 Revenue Recognition

Revenue is recognized when the sale of good/services /shares & securities etc. under a contract is completed.

1.6 Retirement Benefits

The provisions of Payment of Gratuity Act 1972, Payment of Bonus Act 1965 and Employees Provident & Miscellaneous Provisions Act, 1952 are applied if applicable.


Mar 31, 2012

1.1 Accounting concepts

The company follows Mercantile System of Accounting and recognizes income & expenditure on accrual basis. However, indeterminate Income / Expenditures, if any have been accounted for as & when settled. The accounts have so far been prepared on historical cost convention

Accounting policies not specifically referred to, are consistent with generally accepted accounting polices.

1.2 Fixed Assets & Depreciation

(i) Fixed Assets are stated at cost.

(ii) Depreciation

Depreciation has been provided on straight line method as per the rates specified under Schedule XIV of the Companies Act, 1956.

1.3 Inventories: They are valued at cost or market value whichever is less.

1.4 Investments

Shares and securities that are brought, held primarily for the purpose of selling in the near future are classified as investments. Such shares & securities are valued at cost price

1.5 Revenue Recognition

Revenue is recognized when the sale of good/services /shares & securities etc. under a contract is completed.

1.6 Retirement Benefits

The company recruited few employees during the end of the year. Therefore, provision of Gratuity Act, Employees Provident Act& Employee State insurance Act etc does not apply.

1.7 Miscellaneous Expenditure/ Deferred Revenue Expenditure

The company follows the policy of treating some expenditure, the benefit of which is expected to accrue to the company over a year beyond a single financial year, as Miscellaneous or Deferred Revenue Expenditure and amortizes such expenditure over the said extended years of accrual of benefits.


Mar 31, 2011

A) Accounting concepts

The company follows Mercantile System of Accounting and recognizes income & expenditure on accrual basis. However, indeterminate Income / Expenditures, if any have been accounted for as & when settled. The accounts have so far been prepared on historical cost convention

Accounting policies not specifically referred to, are consistent with generally accepted accounting polices.

a) Fixed Assets & Depreciation Fixed Assets are stated at cost.

b) Depreciation

Depreciation has been provided on straight line method as per the rates specified under Schedule XIV of the Companies Act, 1956.

c) Investments

Shares and securities that are brought, held primarily for the purpose of selling in the near future are classified as investments. Such shares & securities are valued at cost price

d) Revenue Recognition

Revenue is recognized when the sale of good/services /shares & securities etc. under a contract is completed.

e) Retirement Benefits

The company recruited few employees during the end of the year. Therefore, provision of Gratuity Act, Employees Provident Act & Employee State insurance Act etc did not apply.

f) Miscellaneous Expenditure/ Deferred Revenue Expenditure

The company follows the policy of treating some expenditure, the benefit of which is expected to accrue to the company over a year beyond a single financial year, as Miscellaneous or Deferred Revenue Expenditure and amortizes such expenditure over the said extended years of accrual of benefits.


Mar 31, 2010

A) Accounting concepts : The company follows Mercantile System of Accounting and recognizes income & expenditure on accrual basis. However, indeterminate Income / Expenditures, if any have been accounted for as & when settled. The accounts have so far been prepared on historical cost convention

Accounting policies not specifically referred to otherwise, are consistent with generally accepted accounting polices.

a) Fixed Assets: The Company did not carry any fixed assets during the year

b) Depreciation: Since the company did not carry any fixed assets during the year, there has been no depreciation

c) Investments: -. Shares and securities that are brought, held primarily for the purpose of selling in the near future are classified as investments. Such shares & securities are valued at cost price

d) Revenue Recognition : Revenue is recognized when the sale of good/services /shares & securities etc. under a contract is completed.

e) Retirement Benefits : The company did not have any employee during the review. Therefore, provision of Gratuity Act, Employees Provident Act & Employee State insurance Act etc did not apply.

f.) Miscellaneous Expenditure/ Deferred Revenue Expenditure: The company follows the policy of treating some expenditure, the benefit of which is expected to accrue to the company over a period beyond a single financial period, as Miscellaneous or Deferred Revenue Expenditure and amortizes such expenditure over the said extended periods of accrual of benefits.

 
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