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Accounting Policies of Gokul Solutions Ltd. Company

Mar 31, 2016

1. NOTES ON ACCOUNTS

1.1. Significant Accounting Policies:

a) The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis.

b) The financial statements have been prepared on Historical Cost basis in accordance with the generally accepted accounting principles and provisions of the Companies Act, 2013 as adopted con-distantly by the company.

c) Accounting Policies not referred hereto are consistent with generally accepted accounting principles.

1.2. Preliminary expenses are amortized over a period of five years. The same has not been amortized in the current year.

1.3. Previous year''s figure are re-grouped or rearranged wherever necessary.

1.4. The Provision regarding additional information as required under Para 4C and 4D of Part II of schedule III to the Companies Act are not applicable.

1.5. Depreciation Adjustment due to omission in the calculation of the expired life of the machine in the previous year, depreciation adjustment was undercharged by Rs. 4,41,271.74, now rectified.

1.6. In the opinion of the management and to the best of their knowledge and belief the value of the realization of current assets, loans & advances in the ordinary course of the business would not be less than the amount at which they are stated in the Balance Sheet and the provisions for all known and determined liabilities are adequate and not in excess of the amount reason-ably required.

1.7. Earning Per Share (EPS):

The Earnings considered in ascertaining the Company''s EPS comprises the net profit (loss) and includes the post tax effect of any extraordinary items. The number of shares used in computing Basic EPS is weighted average number of shares outstanding during the year.

1.8. Additional information pursuant to the provision contained vides part II of the schedule III of the Companies Act, 2013

I. Earning in foreign Exchange : NIL

II. Expenditure in Foreign Currency : NIL

III. Opening stock Purchase, Sales and Closing Stock: Not Applicable.

1.9. Managerial Remuneration to Directors during the year is NIL.

1.10. Taxation:

(a) Provision for current year tax is determined on the basis of provisions on Income Tax Act, 1961.

1.11. Revenue recognition:

Revenue is recognized on transfer of significant risk and reward in respect of ownership.


Mar 31, 2015

A) The Company follows mercantile system of accounting and recognizes income and expenditure on accrual basis.

b) The financial statements have been prepared on Historical Cost basis in accordance with the generally accepted accounting principles and provisions of the Companies Act, 2013 as adopted consistently by the company.

c) Accounting Policies not referred hereto are consistent with generally accepted accounting principles.

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