Home  »  Company  »  Himalchuli Food  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Himalchuli Food Products Ltd. Company

Mar 31, 2014

1. Method of Accounts: The Financial Statements have been prepared under the historical cost convention, in accordance with the Generally Accepted Accounting Principles accepted in India and the provisions of the Companies Act, 1956, as adopted consistently by the Company. Method of accounting employed by the company is generally mercantile both as to income and expenditure. All income and expenditure having a material bearing on the financial statements are recognised on accrual basis.

The preparation of financial statements in conformity with accounting standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of financial statements, and the reported amounts of revenues and expenses during the reporting period.

2. Revenue Recognition: There is no transaction in nature of trading or manufacturing during the year. The commission income is recognised on acceptance basis.

3. Fixed Assets & Depreciation: There is no fixed assets at the end of the year.

4. Inventories: There are no inventories as at the beginning as well as at the end of the year.

5. Investment: Investments being long term are stated at cost. Investments are subject to physical verification and reconciliation thereof with actual quantity as regards the numbers of investment, which might have been increased due to conversion, bonus if any or decreased due to conversion from one form to another. The details shown in NOTE "5" of the Balance Sheet is taken as certified and valued by management. Further on account what is stated above, the market values of quoted shares are not determined.

6. Retirement Benefits :

(i) Provident Fund: Since there is no employee eligible for Provident Fund at the date of financial statement, no provision for Provident Fund has been made in books of account.

(ii) Gratuity: Since there is no employee eligible for gratuity at the date of financial statement, no provision for gratuity has been made in books of account.

7. Contingency :

(i) Sundry Creditors, Debtors and Loans and Advances including borrowings and cash credit from bank are subject to confirmation and reconciliation with respect to individual details. Same are taken as certified by management and necessary adjustments in this respect have been carried out and further be carried out on ascertainment of amounts thereof.

8. Contingent Liabilities: There is no Contingent liability for the year.

9. Taxation: No provision for Taxation and deferred taxation has been provided in the books of account.


Mar 31, 2013

1. Method of Accounts: The Financial Statements have been prepared under the historical cost convention, in accordance with the Generally Accepted Accounting Principles accepted in India and the provisions of the Companies Act. 1956. as adopted consistently by the Company. Method of accounting employed by the company is generally mercantile both as to income and expenditure. All income and expenditure having a material bearing on the financial statements are recognized on accrual basis.

The preparation of financial statements in conformity with accounting standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of financial statements, and the reported amounts of revenues and expenses during the reporting period.

2. Revenue Recognition: There is no transaction in nature of trading or manufacturing during the year. The commission income is recognized on acceptance basis.

3. Fixed Assets & Depreciation: There is no fixed assets at the end of the year.

4. Inventories: There are no inventories as at the beginning as well as at the end of the year.

5. Investment: Investments being long term are stated at cost. Investments are subject to physical verification and reconciliation thereof with actual quantity as regards the numbers of investment. which might have been increased due to conversion, bonus if any or decreased due to conversion from one form to another. The details shown in NOTE "5" of the Balance Sheet is taken as certified and valued by management. Further on account what is stated above, the market values of quoted shares are not determined.

6. Interest on Borrowings: The Interest on cash credit account with Union Bank of India has been charged against the profit for the current year since the said interest has been charged by the bank in its books on settlement basis of this account with bank.

7. Retirement Benefits:

(I) Provident Fund: Since there is no employee eligible for Provident Fund at the date of financial statement, no provision for Provident Fund has been made in books of account.

(ii) Gratuity: Since there is no employee eligible for gratuity at the date of financial statement, no provision for gratuity has been made in books of account.

8. Contingency:

(i) Sundry Creditors, Debtors and Loans and Advances including borrowings and cash credit from bank are subject to confirmation and reconciliation with respect to individual details. Same are taken as certified by , management and necessary adjustments in this respect have been carried out and further be carried out on ascertainment of amounts thereof.

9. Contingent Liabilities: There is no Contingent liability for the year.

10. Taxation: No provision for Taxation and deferred taxation has been provided in the books of account.


Mar 31, 2011

1. Method of Accounts: The Financial Statements have been prepared under the historical cost convention, in accordance with the Generally Accepted Accounting Principles accepted in India and the provisions of the Companies Act, 1956, as adopted consistently by the Company. Method of accounting employed by the company is generally mercantile both as to income and expenditure. All income and expenditure having a material bearing on the financial statements are recognised on accrual basis.

The preparation of financial statements in conformity with accounting standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of financial statements, and the reported amounts of revenues and expenses during the reporting period.

2. Revenue Recognition: There is no transaction in nature of trading or manufacturing during the year. Other Income has been accounted on receipt basis.

3. Fixed Assets & Depreciation : There is no fixed assets at the end of the year.

4. Inventories: There are no inventories as at the beginning as well as at the end of the year.

5. Investment: Investments being long term are stated at cost. Investments are subject to physical verification and reconciliation thereof with actual quantity as regards the numbers of investment, which might have been increased due to conversion, bonus if any or decreased due to conversion from one form to another. The details shown in Schedule 'E' of the Balance Sheet is taken as certified and valued by management. Further on account what is stated above, the market values of quoted shares are not determined.

6. Interest on Borrowings: The Interest on cash credit account with Union Bank of India has not been charged against the profit for the current year since the said interest has not been charged by the bank in its books and account is NPA under settlement and it is further subject to reconciliation on availability of statement.

7. Retirement Benefits :

(i) Provident Fund: Since there is no employee eligible for Provident Fund at the date of financial statement, no provision for Provident Fund has been made in books of account.

(ii) Gratuity: Since there is no employee eligible for gratuity at the date of financial statement, no provision for gratuity has been made in books of account.

8. Contingency :

(i) Sundry Creditors, Debtors and Loans and Advances including borrowings and cash credit from bank are subject to confirmation and reconciliation with respect to individual details. Same are taken as certified by management and necessary adjustments in this respect have been carried out and further be carried out on ascertainment of amounts thereof

9. Contingent Liabilities: The Company has Cash Credit Account with Union Bank of India, Udhna on which the bank has not charged interest in their books on this account and hence the company has not debited the interest on Cash Credit Account. The amount of interest and the contingent liabilities thereof has not been quantified, since the Company had corresponded for the bank for settlement.

10. Taxation: No provision for Taxation and deferred taxation has been provided in the books of account.


Mar 31, 2010

1. Method of Accounts: The Financial Statements have been prepared under the historical cost convention, in accordance with the Generally Accepted Accounting Principles accepted in India and the provisions of the Companies Act, 1956, as adopted consistently by the Company. Method of accounting employed by the company is generally mercantile both as to income and expenditure. All income and expenditure having a material bearing on the financial statements are recognised on accrual basis.

The preparation of financial statements in conformity with accounting standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of financial statements, and the reported amounts of revenues and expenses during the reporting period.

2. Revenue Recognition: There is no transaction in nature of trading or manufacturing during the year. Other Income has been accounted on receipt basis.

3. Fixed Assets & Depreciation : There is no fixed assets at the end of the year.

4. Inventories: There are no inventories as at the beginning as well as at the end of the year.

5. Investment: Investments being long term are stated at cost. Investments are subject to physical verification and reconciliation thereof with actual quantity as regards the numbers of investment, which might have been increased due to conversion, bonus if any or decreased due to conversion from one form to another. The.details shown in Schedule * F' of the Balance Sheet is taken as certified and value.d by management. Further on account what is stated above, the market values of quoted shares are not determined.

6. Retirement Benefits : (i) Provident Fund: Since there is no employee eligible for Provident Fund at the date of financial statement; no provision for Provident Fund has been made in books of account.

(ii) Gratuity: Since there is no employee eligible for gratuity at the date of financial statement, no provision for gratuity has been made in books of account.

7. Interest on Borrowings; The Interest on cash credit account with Union Bank of India has not been charged against the profit for the current year since the said interest has not been charged by the bank in its books and it is further subject to reconciliation on availability of statement.

8. Contingency:

(i) Sundry Creditors, Debtors and Loans and Advances including borrowings and cash credit from bank are subject to confirmation and reconciliation with respect to individual details. Same are taken as certified by management and necessary adjustments in this respect have been carried out and further be carried out on ascertainment of amounts thereof.

9. Contingent Liabilities: The Company has Cash Credit Account with Union Bank of India, Udhna on which the bank has not charged interest in their books on this account and hence the company has not debited the interest on Cash Credit Account. The amount of interest and the contingent liabilities thereof has not been quantified, since the Company had corresponded for the bank statement & interest thereon, and bank has not provided any statement of said cash credit account along with detail of interest.

10. Dividend Account With Union Bank of India: The Company has Dividend Account with Union Bank of India, Udhna, the balance with same Bank is subject to reconciliation.

11. Taxation: No provision for Taxation and deferred taxation has been provided in the books of account.

 
Subscribe now to get personal finance updates in your inbox!