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Accounting Policies of Harmony Capital Services Ltd. Company

Mar 31, 2014

1. Basis of Accounting:-

The Financial statements are prepared under the historical cost convention, on a going concern concept and in compliance with the accounting standard issued by ICAI/ Companies (Accounting Standard), Rules 2006, company follows mercantile system of accounting and recognizes income & expenditure on accrual basis to the extent measurable and where there is certainty of ultimate realization in respect of incomes accounting policies note specifically referred to otherwise, are consistent and in consonance with the generally accepted accounting principles.

2. Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumption to be made that effect the reported amount of assets and liabilities on the date of the financial Statements and reported amounts of revenues and expenses during the reporting period differences between actual results and estimated are recognized in the period in which the results are materialized.

3. Recognition of income and expenditure:-

The company follows the accrual basis of accounting except in the following cases, where the same are recorded on the basis of realization or ascertainment of rights and obligations

a. Insurance claims

b. Payment of bonus and leave salary

c. Gratuity

4. Fixed Assets

No fixed Assets.

5. Depreciation:

No fixed assets hence no Depreciation.

6. Stock in trade

Stock in trade of shares is valued at cost.

7. Impairment of fixed Assets

At the end of each year, the company determines whether a provision should be made for impairment loss on fixed assets by considering the indication that an impairment loss may have occurred in accordance with accounting standard "28 on impairment of Assets" issued by the ICAICompanies (Accounting standard), Rules, 2006. Where the recoverable amount of any fixed assets is lower than its carrying amount, a provision for impairment loss on fixed assets is made for the difference.

8. INVESTMENTS

Investments are stated at cost of acquisition.

9. Prior Period Items:

Material amount of Income and expenditure pertaining to prior years are disclosed separately.

10. Contingencies and events occurring after the date of Balance Sheet: - NIL


Mar 31, 2013

1. Basis of Accounting:-

The Financial statements are prepared under the historical cost convention, on a going concern concept and in compliance with the accounting standard issued by ICAI/ Companies (Accounting Standard), Rules 2006, company follows mercantile system of accounting and recognizes income & expenditure on accrual basis to the extent measurable and where there is certainty of ultimate realization in respect of incomes accounting policies note specifically referred to otherwise, are consistent and in consonance with the generally accepted accounting principles.

2. Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumption to be made that effect the reported amount of assets and liabilities on the date of the financial Statements and reported amounts of revenues and expenses during the reporting period differences between actual results and estimated are recognized in the period in which the results are materialized.

3. Recognition of income and expenditure:-

The company follows the accrual basis of accounting except in the following cases, where the same are recorded on the basis of realization or ascertainment of rights and obligations

a. Insurance claims

b. Payment of bonus and leave salary

c. Gratuity

4. Fixed Assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation. The cost of acquisition comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

5. Depreciation:

Industrial Gala is not in use hence Depreciation has not been provided on the same.

6. Stock in trade

Stock in trade of shares is valued at cost.

7. Impairment of fixed Assets

At the end of each year, the company determines whether a provision should be made for impairment loss on fixed assets by considering the indication that an impairment loss may have occurred in accordance with accounting standard "28 on impairment of Assets" issued by the ICAICompanies (Accounting standard), Rules, 2006. Where the recoverable amount of any fixed assets is lower than its carrying amount, a provision for impairment loss on fixed assets is made for the difference.

8. INVESTMENTS

Investments are stated at cost of acquisition.

9. Prior Period Items:

Material amount of Income and expenditure pertaining to prior years are disclosed separately.

10. Contingencies and events occurring after the date of Balance Sheet: - NIL


Mar 31, 2012

1. Basis of Accounting:-

The Financial statements are prepared under the historical cost convention, on a going concern concept and in compliance with the accounting standard issued by ICAI/ Companies (Accounting Standard), Rules 2006, company follows mercantile system of accounting and recognizes income & expenditure on accrual basis to the extent measurable and where there is certainty of ultimate realization in respect of incomes accounting policies note specifically referred to otherwise, are consistent and in consonance with the generally accepted accounting principles.

3. Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumption to be made that effect the reported amount of assets and liabilities on the date of the financial Statements and reported amounts of revenues and expenses during the reporting period differences between actual results and estimated are recognized in the period in which the results are materialized.

4. Recognition of income and expenditure:-

The company follows the accrual basis of accounting except in the following cases, where the same are recorded on the basis of realization or ascertainment of rights and obligations

a. Insurance claims

b. Payment of bonus and leave salary

c. Gratuity

5. Fixed Assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation. The cost of acquisition comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

6. Depreciation:

Industrial Gala is not in use hence Depreciation has not been provided on the same.

7. Stock in trade

Stock in trade of shares is valued at cost.

8. Impairment of fixed Assets

At the end of each year, the company determines whether a provision should be made for impairment loss on fixed assets by considering the indication that an impairment loss may have occurred in accordance with accounting standard "28 on impairment of Assets" issued by the ICAICompanies (Accounting standard), Rules, 2006. Where the recoverable amount of any fixed assets is lower than its carrying amount, a provision for impairment loss on fixed assets is made for the difference.

9. INVESTMENTS

Investments are stated at cost of acquisition.

10. Prior Period Items:

Material amount of Income and expenditure pertaining to prior years are disclosed separately.

11. Contingencies and events occurring after the date of Balance Sheet: - NIL


Mar 31, 2011

1. Basis of Accounting:-

The Financial statements are prepared under the historical cost convention, on a going concern concept and in compliance with the accounting standard issued by ICAI/ Companies (Accounting Standard), Rules 2006, company follows mercantile system of accounting and recognizes income & expenditure on accrual basis to the extent measurable and where there is certainty of ultimate realization in respect of incomes accounting policies note specifically referred to otherwise, are consistent and in consonance with the generally accepted accounting principles.

2. Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumption to be made that effect the reported amount of assets and liabilities on the date of the financial Statements and reported amounts of revenues and expenses during the reporting period differences between actual results and estimated are recognized in the period in which the results are materialized.

3. Recognition of income and expenditure:-

The company follows the accrual basis of accounting except in the following cases, where the same are recorded on the basis of realization or ascertainment of rights and obligations

a. Insurance claims

b. Payment of bonus and leave salary

c. Gratuity

4. Fixed Assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation. The cost of acquisition comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

5. Depreciation:

Industrial Gala is not in use hence Depreciation has not been provided on the same.

6. Stock in trade

Stock in trade of shares is valued at cost.

7. Impairment of fixed Assets

At the end of each year, the company determines whether a provision should be made for impairment loss on fixed assets by considering the indication that an impairment loss may have occurred in accordance with accounting standard "28 on impairment of Assets" issued by the ICAICompanies (Accounting standard), Rules, 2006. Where the recoverable amount of any fixed assets is lower than its carrying amount, a provision for impairment loss on fixed assets is made for the difference.

8. INVESTMENTS

Investments are stated at cost of acquisition.

9. Miscellaneous Expenditure

Preliminary Expenses are amortized in the year they are incurred.

10. Prior Period Items:

Material amount of Income and expenditure pertaining to prior years are disclosed separately.

11. Contingencies and events occurring after the date of Balance Sheet: - NIL

 
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