Home  »  Company  »  Hindustan Bio Scienc  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Hindustan Bio Sciences Ltd. Company

Mar 31, 2015

1) . Basis of preparation of Financial Statements:

i. The accounts have been prepared to comply in all material aspects with applicable accounting prin- ciples in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant provisions of the Companies Act, 2013

ii. Financial Statements are based on historical cost and are prepared on accrual basis

2) . Fixed Assets

Fixed Assets are stated at original cost less accumulated depreciation. Cost includes invoice price and wherever applicable freight, duties and taxes, related interest on specific borrowings upto the date of acquisition /installation and expenses incidental to acquisition and installation but exclude recoveries.

3) . Depreciation :

Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives as specified in Schedule II, except in respect of certain assets as disclosed in Accounting Policy on Depreciation, Amortisation and depletion. Accordingly the unamortised carrying value is being depreci- ated / amortised over the revised / remaining useful lives. The written down value of Fixed Assets whose lives have expired as at 1st April 2014 have been adjusted net of tax, in the opening balance Profit and Loss Account amounting to Rs. 551,289/-.

4) . Stock In Trade:

The Closing stock is valued at cost or net realisable value whichever is lower.

5) . Revenue Recognition:

The income from activities is recognized as income on the date of sale. The Company Provides for all expenses on accrual basis. Expenditure, the benefit of which accrues over a number of years are treated as deferred revenue expenses and is written off equally over the number of years during which such benefits accrued in installments over a period of ten years during which such benefits accrued to the Company.

6) . Miscellaneous Expenditure:

Pre Operative expenses are written off in equal installments over a period of five years.

7) . Taxes on Income:

Tax expense comprises of both current and deferred tax at the applicable enacted / substantively en- acted rates. Current tax represents the amount of income P tax payable / recoverable in respect of the taxable income / loss for the reporting period. Deferred tax represents the effect of timing difference between taxable income and accounting income for the reporting period that originate in one period and capable of reversal in one or more subsequent periods.

8) Current liabilities include Rs. NIL payable to small scale and Ancillary industrial undertakings to the extent such parties have been identified from the available documents.


Mar 31, 2014

1). Basis of preparation of Financial Statements:

i. The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant provisions of the Companies Act, 2013

ii. Financial Statements are based on historical cost and are prepared on accrual basis

2). Fixed Assets

Fixed Assets are stated at original cost less accumulated depreciation. Cost includes invoice price and wherever applicable freight, duties and taxes, related interest on specific borrowings upto the date of acquisition /installation and expenses incidental to acquisition and installation but exclude recoveries.

3). Depreciation:

Depreciation on fixed assets is provided on written down value method at the rates prescribed in schedule II of the Companies Act 2013. An asset whose written down value falls below Rs.5000/- is fully depreciated for the remaining balance.

4). Stock In Trade:

The Closing stock is valued at cost or net realisable value whichever is lower.

5). Revenue Recognition:

The income from activities is recognized as income on the date of sale. The Company Provides for all expenses on accrual basis. Expenditure, the benefit of which accrues over a number of years are treated as deferred revenue expenses and is written off equally over the number of years during which such benefits accrued in installments over a period of ten years during which such benefits accrued to the Company.

6). Miscellaneous Expenditure:

a). Pre Operative expenses are written off in equal installments over a period of five years.

b). It has been decided that clinical trail expenses to be write off over a period of six years commencing from the year of generation of revenue from the clinical study of the product developed.

7). Taxes on Income:

Tax expense comprises of both current and deferred tax at the applicable enacted / substantively enacted rates. Current tax represents the amount of income - tax payable / recoverable in respect of the taxable income / loss for the reporting period. Deferred tax represents the effect of timing difference between taxable income and accounting income for the reporting period that originate in one period and capable of reversal in one or more subsequent periods.

8) Current liabilities include Rs. NIL payable to small scale and Ancillary industrial undertakings to the extent such parties have been identified from the available documents.


Mar 31, 2012

1)Basis of preparation of Financial Statements:

i) The accounts have been prepared to comply in all material aspects with applicable accounting principles in India' the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant provisions of the Companies Act' 1956. ii) Financial Statements are based on historical cost and are prepared on accrual basis.

2)Fixed Assets

Fixed Assets are stated at original cost less accumulated depreciation. Cost includes invoice price and wherever applicable freight' duties and taxes' related interest on specific borrowings upto the date of acquisition / installation and expenses incidental to acquisition and installation but exclude recoveries.

3)Depreciation:

Depreciation on fixed assets is provided on written down value method at the rates prescribed in schedule XIV of the Companies Act 1956. An asset whose written down value falls below Rs.5000/- is fully depreciated for the remaining balance.

4)Stock In Trade:

There is no closing stock as on 31-03-2012

5)Revenue Recognition:

The income from activities is recognized as income on the date of sale. The Company Provides for all expenses on accrual basis. Expenditure' the benefit of which accrues over a number of years are treated as deferred revenue expenses and is written off equally over the number of years during which such benefits accrued in installments over a period of ten years during which such benefits accrued to the Company. 6)Miscellaneous Expenditure:

a) Pre-operative Expenses are written off in equal installments over a period of five years.

b) It has been decided that clinical trial expenses to be write off over a period of six years commencing from the year of generation of revenue from the clinical study of the product developed.

7)Taxes on Income:

Tax expense comprises of both current and deferred tax at the applicable enacted/ substantively enacted rates. Current tax represents the amount of income-tax payable / recoverable in respect of the taxable income / loss for the reporting period. Defferred Tax represents the effect of timing difference between taxable income and accounting income for the reporting period that originate in one period and capable of reversal in one or more subsequent periods.


Mar 31, 2010

1) Basis of preparation of Financial Statements:

i. The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and relevant provisions of the Companies Act, 1956.

ii. Financial Statements are based on historical cost and are prepared on accrual basis.

2)Fixed Assets

Fixed Assets are stated at original cost less accumulated depreciation. Cost includes invoice price and wherever applicable freight, duties and taxes, related interest on specific borrowings upto the date of acquisition / installation and expenses incidental to acquisition and installation but exclude recoveries.

3)Depreciation:

Depreciation on fixed assets is provided on written down value method at the rates prescribed in schedule XIV of the Companies Act 1956. An asset whose written down value falls below Rs.5000/- is fully depreciated for the remaining balance.

4)Stock In Trade:

There is closing stock as on 31-03-201 0 Rs. 26,1 5,203/-. 5)Revenue Recognition:

The income from activities is recognized as income on the date of sale. The Company Provides for all expenses on accrual basis. Expenditure, the benefit of which accrues over a number of years are treated as deferred revenue expenses and is written off equally over the number of years during which such benefits accrued in installments over a period of ten years during which such benefits accrued to the Company.

6)Miscellaneous Expenditure:

a) Preliminary and Public issue expenses are written off in equal installments over a period of ten years.

b) It has been decided that clinical trial expenses to be write off over a period of six years commencing from the year of generation of revenue from the clinical study of the product developed.

7)Provision For Taxation:

Since there is no profit for this financial year, provision for income tax is not made during the financial year.

8) Un Secured Loans :

Loans obtained from M/s. Jyothi Chits & Finances.

 
Subscribe now to get personal finance updates in your inbox!