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Accounting Policies of Invicta Meditek Ltd. Company

Mar 31, 2015

1) Basis of preparation:

The financial statements have been prepared in accordance with the Accounting Standards issued by the Institute of Chartered Accountant of India and the relevant provisions of the Companies Act, 2013.

2) Revenue Recognition:

Sales are recognized when the property in the goods passes to the buyer.

3) Fixed Assets:

Fixed Assets have been stated at cost less accumulated depreciation less impairment loss. Cost comprises of purchase price and any cost attributable to bring the assets into its working condition or its intended use.

4) Depreciation:

Depreciation is provided on Straight Line Basis and in accordance with the life prescribed in Schedule II to the Companies Act, 2013.

5) Inventories:

Inventories are valued at Cost and net realisable value whichever is lower.

6) Employees Benefits :

The company has registered itself with provident Fund Authorities and accordingly contributions are charged of to revenue.


Mar 31, 2014

1) Basis of preparation:

The financial statements have been prepared in accordance with the Accounting Standards notified by Central Government vide Companies (Accounting Standard) Rule 2006 and the relevant provisions of the Companies Act, 1956.

The company has discontinued its operations since FY 2009-10. Hence, all the assets and liabilities are adjusted to its net realisable value in accordance with Accounting Standard 24 on Discontinuing Operation notified by the Central Government vide Companies (Accounting Standard) Rules, 2006

The company is following accrual basis of accounting.

2) Revenue Recognition:

Sales are recognized when the property in the goods passes to the buyer.

3) Fixed Assets:

Fixed Assets have been stated at cost less accumulated depreciation less impairment loss. Cost comprises of purchase price and any cost attributable to bring the assets into its working condition or its intended use.

4) Depreciation:

Depreciation is provided on Written down Value of the asset and at the rates specified in Schedule XIV of the Companies Act, 1956.

5) Inventories:

Inventories are valued at Cost or net realizable value whichever is lower.


Mar 31, 2013

Basis of preparation:

The financial statements have been prepared in accordance with the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956. Since the business and assets of the company were sold subsequent to the Balance Sheet date, the company ceases to be a Going Concern. Therefore in the financial statements, assets and liabilities are adjusted to its realizable value. The company is following accrual basis of accounting.

Revenue Recognition:

Sales are recognized when the property in the goods passes to the buyer.

Fixed Assets:

Fixed Assets have been stated at cost less accumulated depreciation less impairment loss. Cost comprises of purchase price and any cost attributable to bring the assets into its working condition or its intended use.

Depreciation:

Depreciation is provided on Straight Line Basis and at the rates specified in Schedule XIV of the Companies Act, 1956.

Assets purchased during the year are depreciated on pro-rata basis for the number of days the assets are put to use during the year.

Foreign Currency Transactions:

Transactions in foreign currencies are recorded at the rate prevailing on the date of the transaction. Monetary items are reinstated at the rates prevailing in the Balance Sheet date. Exchange gain or losses arising from such transactions are recognized in accordance with the AS 11 prescribed by the ICAI.

Inventories:

Inventories are valued at net realizable value based on the binding sale agreement.

Employees Benefits:

The company has registered itself with Provident Fund Authorities and accordingly contributions are charged of to revenue.


Mar 31, 2012

1. Basis of preparation:

The financial statements have been prepared in accordance with the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

Since the business and assets of the company were sold subsequent to the Balance Sheet date, the company ceases to be a Going Concern. Therefore in the financial statements, assets and liabilities are adjusted to its realizable value. The company is following accrual basis of accounting

2. Revenue Recognition:

Sales are recognized when the property in the goods passes to the buyer.

3. Fixed Assets:

Fixed Assets have been stated at cost less accumulated depreciation less impairment loss. Cost comprises of purchase price and any cost attributable to bring the assets in to its working condition or its intended use.

4. Depreciation:

Depreciation is provided on Straight Line Basis and at the rates specified in Schedule XIV of the Companies Act, 1956.

Assets purchased during the year are depreciated on pro-rata basis for the number of days the assets are put to use during the year.

5. Foreign Currency Transactions:

Transactions in foreign currencies are recorded at the rate prevailing on the date of the transaction. Monetary items are reinstated at the rates prevailing in the Balance Sheet date. Exchange gain or losses arising from such transactions are recognized in accordance with the AS 11 prescribed by the ICAI.

6. Inventories:

Inventories are valued at net realizable value based on the binding sale agreement.

7. Employees Benefits:

The company has registered itself with Provident Fund Authorities and accordingly contributions are charged of to revenue.

 
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