Home  »  Company  »  Jay Mahesh Infra  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Jay Mahesh Infraventures Ltd. Company

Mar 31, 2015

1. Basis of Preparation of Financial Statements:

The financial statements are prepared in accordance with Indian Generally accepted principles (GAAP) under the historical cost convention on the accrual basis. GAAP comprises mandatory accounting standards issued by Institute of Chartered Accountants of India (ICAI), the provisions of the Companies act 2013.

Management evaluates all recently issued or revised accounting standards on an ongoing basis.

2. Use of Estimates:

The preparation of financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial statements and reported amounts of income and expenses during the period.

3. Revenue recognition:

Revenue is recognized on accrual basis. The company is following mercantile system of accounting.

Profit of sale of investments is recorded on transfer of title from the company and is determined as the difference the sales price and the then carrying value of the investment. Dividend income is recognized where the company's right to receive dividend is established.

Revenue from Work Contracts is recognized in accordance with AS 7, Construction Contracts.

4. Expenditure:

All items of expenditure are accounted on accrual basis. Provisions are made for all known losses and liabilities.

5. Fixed Assets, Intangible Assets and Capital work in progress:

Fixed assets are stated at cost less accumulated depreciation. All costs, directly attributable to bringing the asset to the present condition for their intended use, are capitalized.

6. Investments

Investments are classified into current investments and long term Investments. Current investments are carried at the lower of cost or market value. Any reduction in carrying amount and any reversals of such reduction are charged or credited to the profit and loss account. Long- term investments are carried at cost less provision made to recognize any decline, other than temporary, in the value of such investments.

7. Depreciation and Amortization:

Depreciation is being provided on written down value method at the rates given in schedule II to the Companies Act, 2013.

8. Foreign Currency Transactions:

There are no Foreign Currency transactions.

9. Taxes on Income

Tax expense for a year comprises of current tax. Current taxes are measured at the amounts expected to be paid using the applicable tax rates and tax laws. Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the profit and loss account in the year of change.

However, no deferred tax asset has been recognized and carried forward in the books of accounts.


Mar 31, 2014

1. Basis of Preparation of Financial Statements:

The financial statements are prepared in accordance with Indian Generally accepted principles (GAAP) under the historical cost convention on the accrual basis. GAAP comprises mandatory accounting standards issued by Institute of chartered Accountants of India (ICAI), the provisions of the Companies act 1956.

Management evaluates all recently issued or revised accounting standards on an ongoing basis.

2. Use of Estimates:

The preparation of financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial statements and reported amounts of income and expenses during the period.

3. Revenue recognition:

Revenue is recognized on accrual basis. The company is following mercantile system of accounting.

Profit of sale of investments is recorded on transfer of title from the company and is determined as the difference the sales price and the then carrying value of the investment. Dividend income is recognized where the company''s right to receive dividend is established.

Revenue from Work Contracts is recognized in accordance with AS 7, Construction Contracts.

4. Expenditure:

All items of expenditure are accounted on accrual basis. Provisions are made for all known losses and liabilities.

5. Fixed Assets, Intangible Assets and Capital work in progress:

Fixed assets are stated at cost less accumulated depreciation. All costs, directly attributable to bringing the asset to the present condition for their intended use, are capitalized.

6. Investments

Investments are classified into current investments and long term Investments. Current investments are carried at the lower of cost or market value. Any reduction in carrying amount and any reversals of such reduction are charged or credited to the profit and loss account. Long-term investments are carried at cost less provision made to recognize any decline, other than temporary, in the value of such investments.

7. Depreciation and Amortization:

Depreciation is being provided on written down value method at the rates given in schedule XIV to the Companes Act, 1956.

8. Foreign Currency Transactions:

There are no Foreign Currency transactions.

9. Taxes on Income

Tax expense for a year comprises of current tax and deferred tax. Current taxes are measured at the amounts expected to be paid using the applicable tax rates and tax laws. Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the profit and loss account in the year of change.

However, no Deferred tax asset has been recognized and carried forward in the books of accounts.


Mar 31, 2013

1. Basis of Preparation of Financial Statements:

The financial statements are prepared in accordance with Indian Generally accepted principles (GAAP) under the historical cost convention on the accrual basis. GAAP comprises mandatory accounting standards issued by Institute of chartered Accountants of India (ICAI), the provisions of the Companies act 1956. Management evaluates all recently issued or revised accounting standards on an ongoing basis.

2. Use of Estimates:

The preparation of financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial statements and reported amounts of income and expenses during the period.

3. Revenue recognition:

Revenue is recognized on accrual basis. The company is following mercantile system of accounting.

Profit of sale of investments is recorded on transfer of title from the company and is determined as the difference the sales price and the then carrying value of the investment. Dividend income is recognized where the company''s right to receive dividend is established.

Revenue from Work Contracts is recognized in accordance with AS 7, Construction Contracts.

4. Expenditure:

All items of expenditure are accounted on accrual basis. Provisions are made for all known losses and liabilities.

5. Fixed Assets, Intangible Assets and Capital work in progress:

Fixed assets are stated at cost less accumulated depreciation. All costs, directly attributable to bringing the asset to the present condition for their intended use, are capitalized.

6. Investments

Investments are classified into current investments and long term Investments. Current investments are carried at the lower of cost or market value. Any reduction in carrying amount and any reversals of such reduction are charged or credited to the profit and loss account. Long-term investments are carried at cost less provision made to recognize any decline, other than temporary, in the value of such investments.

7. Depreciation and Amortization:

Depreciation is being provided on written down value method at the rates given in schedule XIV to the Companes Act, 1956.

8. Foreign Currency Transactions:

There are no Foreign Currency transactions.

9. Taxes on Income

Tax expense for a year comprises of current tax and deferred tax. Current taxes are measured at the amounts expected to be paid using the applicable tax rates and tax laws. Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the profit and loss account in the year of change.

However, no deferred tax asset has been recognized and carried forward in the books of accounts.


Mar 31, 2012

1. Basis of Preparation of Financial Statements:

The financial statements are prepared in accordance with Indian Generally accepted principles (GAAP) under the historical cost convention on the accrual basis. GAAP comprises mandatory accounting standards issued by Institute of chartered Accountants of India (ICAI), the provisions of the Companies act 1956.

Management evaluates all recently issued or revised accounting standards on an ongoing basis.

2. Use of Estimates:

The preparation of financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial statements and reported amounts of income and expenses during the period.

3. Revenue recognition:

Revenue is recognized on accrual basis. The company is following mercantile system of accounting.

Profit of sale of investments is recorded on transfer of title from the company and is determined as the difference the sales price and the then carrying value of the investment. Dividend income is recognized where the company''s right to receive dividend is established. Revenue from Work Contracts is recognized in accordance with AS 7, Construction Contracts.

4. Expenditure:

All items of expenditure are accounted on accrual basis. Provisions are made for all known losses and liabilities.

5. Fixed Assets, Intangible Assets and Capital work in progress:

Fixed assets are stated at cost less accumulated depreciation. All costs, directly attributable to bringing the asset to the present condition for their intended use, are capitalized.

6. Investments

Investments are classified into current investments and long term Investments. Current investments are carried at the lower of cost or market value. Any reduction in carrying amount and any reversals of such reduction are charged or credited to the profit and loss account. Long-term investments are carried at cost less provision made to recognize any decline, other than temporary, in the value of such investments.

7. Depreciation and Amortization:

Depreciation is being provided on written down value method at the rates given in schedule XIV to the Companes Act, 1956.

8. Foreign Currency Transactions:

There are no Foreign Currency transactions.

9. Taxes on Income

Tax expense for a year comprises of current tax and deferred tax. Current taxes are measured at the amounts expected to be paid using the applicable tax rates and tax laws. Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the profit and loss account in the year of change.

However, no Deferred tax asset has been recognized and carried forward in the books of accounts.


Mar 31, 2011

1. Basis of Preparation of Financial Statements:

The financial statements are prepared in accordance with Indian Generally accepted principles (GAAP) under the historical cost convention on the accrual basis. GAAP comprises mandatory accounting standards issued by Institute of chartered Accountants of India (ICAI), the provisions of the Companies act 1956.

Management evaluates all recently issued or revised accounting standards on an ongoing basis.

2. Use of Estimates:

The preparation of financial statements in conformity with GAAP requires Management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial statements and reported amounts of income and expenses during the period.

3. Revenue recognition:

Revenue is recognized on accrual basis. The company is following mercantile system of accounting.

Profit of sale of investments is recorded on transfer of title from the company and is determined as the difference the sales price and the then carrying value of the investment. Dividend income is recognized where the company''s right to receive dividend is established.

4. Expenditure:

All items of expenditure are accounted on accrual basis. Provisions are made for all known losses and liabilities.

5. Fixed Assets, Intangible Assets and Capital work in progress:

Fixed assets are stated at cost less accumulated depreciation. All costs, directly attributable to bringing the asset to the present condition for their intended use, are capitalized.

6. Investments

Investments are classified into current investments and long term Investments. Current investments are carried at the lower of cost or market value. Any reduction in carrying amount and any reversals of such reduction are charged or credited to the profit and loss account. Long- term investments are carried at cost less provision made to recognize any decline, other than temporary, in the value of such investments.

7. Depreciation and Amortization:

Depreciation is being provided on written down value method at the rates given in schedule XIV to the Companes Act, 1956.

Intangible assets are amortized over their respective individual estimated useful lives on a straight line basis commencing from the date the asset is available to the company for its use.

8. Foreign Currency Transactions:

There are no Foreign Currency transactions.

9. Taxes on Income

Tax expense for a year comprises of current tax and deferred tax. Current taxes are measured at the amounts expected to be paid using the applicable tax rates and tax laws. Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the profit and loss account in the year of change.

However, no Deferred tax asset has been recognized and carried forward in the books of accounts.


Mar 31, 2010

I. Revenue is recognized on accrual basis. The company is following mercantile system of accounting.

ii. Fixed Assets are stated at cost

iii. Depreciation is being provided on written down value method at the rates given in schedule XIV to the Companes Act, 1956.

iv. Long Term Investments are stated at cost. The trading stock is valued at lower of the cost or net realizable value

v. Preliminary expenses are written off to profit and loss account over a period of 10 years


Mar 31, 2009

I. Revenue is recognized on accrual basis. The company is following mercantile system of accounting.

ii. Fixed Assets are stated at cost

iii. Depreciation is being provided on written down value method at the rates given in schedule XIV to the Companes Act, 1956.

iv. Long Term Investments are stated at cost. The trading stock is valued at lower of the cost or net realizable value

v. Preliminary expenses are written off to profit and loss account over a period of 10 years

 
Subscribe now to get personal finance updates in your inbox!