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Accounting Policies of Gogia Capital Services Ltd. Company

Mar 31, 2015

A. Revenue Recognition:

Brokerage income is recognized on the trade date of transaction, upon confirmation of the transactions by stock exchanges and clients. Income from depository services and penal charges are recognized on the basis of agreements entered into with clients and when the right to receive income is established.

b. Other Income

Interest income is accounted on accrual basis.

c. Fixed Assets

Fixed Assets are valued at the cost of acquisitions including taxes, duties, and identifiable direct expenses are net of depreciation charges thereon.

d. Depreciation & Amortization

Depreciation has been provided on all the assets on Straight Line Method, at the rates and in manner prescribed in Schedule XIV of the Companies Act, 1956. Assets costing less than Rs. 5,000 are fully depreciated in the year of capitalization

e. Impairment of Assets

At each balance sheet date, the management requires the carrying amounts of its assets to determine whether there is any indication of that these assets were impaired. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of impairment loss.

An asset is treated as impaired when carrying cost of assets exceeds its recoverable value. Impairment loss is charged to the profit & loss accounts in the year in which an asset is identified as impaired.

The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

f. Transactions in foreign currency

Transactions denominated in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Gain/Loss arising out of exchange rates variation is credited or charged to the Profit and Loss Account. Monetary items denominated in foreign currencies at the year end are reinstated at the year end rates.

g. Employees benefits

Short Term Employee Benefits such as salary and paid annual leave have been provided on yearly basis. The contributions to Provident Fund are charged to the statement of Profit & Loss for the year when the contributions are made.

h. Provision for Current and deferred Tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deferred tax resulting from "timing differences" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognized and carried forward only to the extent that there is a virtual certainty that the asset will be realized in future.

i. Provision. Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events & it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

j. Cash Flow Statement

Cash Flow Statement has been prepared on indirect method as per the guidelines and AS-3 issued by ICAI.

k. Earning per share

EPS is calculated by dividing the net profit for year attributable to equity shareholders by the weighted average no. of equity shares outstanding during the year as per AS-20 issued by ICAI.




Mar 31, 2014

A. Revenue Recognition:

Brokerage income is recognized on the trade date of transaction, upon confirmation of the transactions by stock exchanges and clients. Income from depository services and penal charges are recognised on the basis of agreements entered into with clients and when the right to receive income is established.

b. Other Income

Interest income is accounted on accrual basis.

c. Fixed Assets

Fixed Assets are valued at the cost of acquisitions including taxes, duties, and identifiable direct expenses are net of depreciation charges thereon.

d. Depreciation & Amortisation

Depreciation has been provided on all the assets on Straight Line Method, at the rates and in manner prescribed in Schedule XIV of the Companies Act, 1956. Assets costing less than Rs. 5,000 are fully depreciated in the year of capitalisation

e. Impairment of Assets

At each balance sheet date, the management requires the carrying amounts of its assets to determine whether there is any indication of that these assets were impaired. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of impairment loss.

An asset is treated as impaired when carrying cost of assets exceeds its recoverable value. Impairment loss is charged to the profit & loss accounts in the year in which an asset is identified as impaired.

The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

f. Transactions in foreign currency

Transactions denominated in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Gain/Loss arising out of exchange rates variation is credited or charged to the Profit and Loss Account. Monetary items denominated in foreign currencies at the year end are reinstated at the year end rates.

g. Employees benefits

Short Term Employee Benefits such as salary and paid annual leave have been provided on yearly basis. The contributions to Provident Fund are charged to the statement of Profit & Loss for the year when the contributions are made.

h. Provision for Current and deferred Tax

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deferred tax resulting from "timing differences" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised in future.

i. Provision. Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events & it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

j. Cash Flow Statement

Cash Flow Statement has been prepared on indirect method as per the guidelines and AS-3 issued by ICAI.

k. Earning per share

EPS is calculated by dividing the net profit for year attributable to equity shareholders by the weighted average no. of equity shares outstanding during the year as per AS-20 issued by ICAI.

b. Terms/rights attached to equity issue

The company has only class of Equity Shares having a par value of Rs.10 per share. Each holder of Fully paid equity is entitled to one vote per share. In the event of Liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding. The distribution will be in proportion to the number of equity shares held by the shareholders.


Mar 31, 2013

A. Revenue Recognition:

Brokerage income is recognized on the trade date of transaction, upon confirmation of the transactions by stock exchanges and clients. Income from depository services and penal charges are recognised on the basis of agreements entered into with clients and when the right to receive income is established.

b. Other Income

Interest income is accounted on accrual basis.

c. Fixed Assets

Fixed Assets are valued at the cost of acquisitions including taxes, dutes, and identifiable direct expenses are net of depreciation charges thereon.

d Depreciation & Amortisation

Depreciation has been provided on all the assets on Straight Line Method, at the rates and in manner prescribed in Schedule XIV of the Companies Act, 1956. Assets costing less than Rs 5.000 are fully depreciated in the year of capitalisation

e. impairment of Assets

At each balance sheet date, the management requires the carring amounts of its assets to determine whether there is any indication of that these assets were ippaired. If any such indication exists, the recoverable amount of the assets estimated in order to determeine the extent of impairment loss.

An asset is treated as impaired when carrying cost of assets exceeds its recoverable value. Impairment loss is charged to the profit & loss accounts int the year in which an asset is identified as impaired.

The impairment ioss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

f. Transactions in foreign currency

Transactions denominated in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Gain/Loss arising out of exchange rates variation is credited or charged to the Profit and Loss Account. Monetory items denominated in foreign currencies at the year end are reinstates at the year eend rates.

g. Employees benefits

Short Term Employee Benefits such as salary and paid annual leave have been provided on yearly basis. The contributions to Provident Fund are charged to the statement of Profit & Loss for the year when the contributions are made.

h. Provision for Current and deferred Tax

Provision for currrent tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961. Deferred tax resulting from "timing differencec" between taxable and accounting incoem is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent that there is a virtual certainly that the asste will be realised in future.

i. Provision, Contingent Liabilities and Contingent Assets.

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events & it is probable that there will be an outflow of resoures. Contingent Assets are neither recognised nor disclosed in the financial statements.

j. Cash Flow Statement

Cash Flow Statement has been prepared on indirect method as per the guidelines and AS-3 issued by ICA1.

K. Earning per share

EPS is calculated by dividing the net profit for year attributable to equity shareholders by the weighted average no. of equity shares outstanding during the year as per AS-20 issued by ICAI.


Mar 31, 2010

1. ACCOUNTING CONVENTIONS

The accounts and financial statement have been prepared on historical cost of accounting and on the basis of going concern concept. The cost is adjusted to reflect the changing value in purchasing power of money.

2. METHODS OF ACCOUNTING

The accounts are prepared in accordance with generally accepted accounting principles. The company follows accrual methods of accounting.

3. FIXED ASSETS

Fixed assets are valued at the cost of acquisitions including taxes, duties, and identifiable direct expenses are net of depreciation charges thereon.

4. DEPRECIATION

The company has charged depreciation on its fixed assets following the straight line methods on pro basis at the rate prescribed in schedule XIV of the Companies Act, 1956 as amended by notification number GSR/756 [E] dated 16/12/1994.

5. REVENUE RECOGNITION

Brokerage on secondary market transactions is recognized as per Stock Exchange Guidelines.

6. STOCK EXCHANGE MEMBERSHIP

The deposits made by the company with the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE) towards acquiring the membership of the exchange is considered as Loans & Advances.


Mar 31, 2009

1. ACCOUNTING CONVENTIONS

The accounts and financial statement have been prepared on historical cost of accounting and on the basis of going concern concept. The cost is adjusted to reflect the changing value in purchasing power of money.

2. METHODS OF ACCOUNTING

The accounts are prepared in accordance with generally accepted accounting principles. The company follows accrual methods of accounting.

3. FIXED ASSETS

Fixed assets are valued at the cost of acquisitions including taxes, duties, and identifiable direct expenses are net of depreciation charges thereon.

4. DEPRECIATION

The company has charged depreciation on its fixed assets following the straight line methods on pro basis at the rate prescribed in schedule XIV of the Companies Act, 1956 as amended by notification number GSR/756 [E] dated 16/12/1994.

5. INVESTMENT AND STOCK IN TRADE

i) The securities acquired with the intention of short term holding for the trading activities are considered as stock-in-trade and shown as current assets and other are considered as long term investment.

ii) The securities held as stock-in-trade under current assets are quoted one and are valued at acquisition cost.

iii) Investment other that stock-in-trade are valued at cost.

6. REVENUE RECOGNITION

i) Brokerage on secondary market transactions is recognized as per Stock Exchange Guidelines. ii) Profit or loss on sale of investment and stock in trade are recognized on the contract dates.

7. STOCK EXCHANGE MEMBERSHIP

The deposits made by the company with the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE) towards acquiring the membership of the exchange is considered as Loans & Advances.

 
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