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Accounting Policies of Gujarat Credit Corporation Ltd. Company

Mar 31, 2014

[01] Accounting Policies

1. The financial statements are prepared under historical cost convention on the basis of "Accrual Concept".

2. FIXED ASSETS AND DEPRECIATION:-

A) Fixed Assets are stated at their cost of acquisition less accumulated depreciation.

B) Depreciation on additional/deletion to the fixed assets is provided on "Written Down Value Method" at the revised rates specified in schedule XIV to the Companies Act, 1956 on pro-rata basis from the month from which each such asset is put to use.

3. INVESTMENTS:- The investments are stated at cost.

4. STOCK-IN-TRADE:- Stock-in-trade is being valued at cost.

5. REVENUE RECOGNITION:-

Company recognizes revenue in respect of interest income on accrual basis. The revenue in respect of other income is recognizes when no significant uncertainty as to its determination on reliability exists.

6. PROVISION OF TAXATION:- Provisions for taxation have been made of Rs. 70,000.

 
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