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Accounting Policies of Jeet Machine Tools Ltd. Company

Mar 31, 2014

The Company adopts the accrual concept of accounting based on historical cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

1.1 REVENUE RECOGNITION :

a) Sales are recognised on the date of despatches made.

b) Interest is recognised on time proportionate basis taking into account the amount outstanding and the rate applicable.

c) Dividend income is recognised when the right to receive is established.

d) Other Incomes are recorded on the basis of certainty.

1.2 FIXED ASSETS: -

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

1.3 DEPRECIATION :-

Depreciation on fixed assets is provided on Written Down method at the rates and in the manner specified in the schedule XIV of the Companies Act, 1956.

1.4 INVESTMENTS :-

Long Term Investment are stated at cost. No provision for dimunition in the value of investments have been provided as such dimunition is viewed as temporary in nature.

1.5 TRANSLATION OF FOREIGN CURRENCY ITEMS :-

Transactions denominated in foreign currency are recorded at the rate exchange in force at the date of transactions. Any difference arising due to subsequent realization is carried to Profit & Loss Account. All monetary assets held in foreign currency are carried to balance sheet at closing rate.

1.6 INVENTORIES

Inventories are valued at lower of cost or realisable value. The cost includes cost of purchase specifically identified to individual items of stock.

1.7 TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the period. Defferred tax is recognised subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originates in one period and is capable of reversal in one or more subsequent periods. Defferred Tax Assets on carry forward long term capital losses are recognised as there is reasonable certainty that sufficient long term capital gain will be available in future against which such Defferred Tax Assets can be realised.

1.8 RETIREMENT BENEFIT :-

The company contributes to recognised Provident Fund which is charged to revenue. The gratuity is provided on cash basis as the amount involved therein may not be significant.

1.9 PAYMENT TO AUDITORS :-

As On 31.03.14 As On 31.03.13

a) As Audit Fees 10,000/- 10,000/-

b) Other matters 15,000/- 15,000/-

c) Service Tax 3,090/- 3,090/-

28,090/- 28,090/-


Mar 31, 2013

1.1 REVENUE RECOGNITION :

a) Sales are recognised on the date of despatches made.

b) Interest is recognised on time proportionate basis taking into account the amount outstanding and the rate applicable.

c) Dividend income is recognised when the right to receive is established.

d) Other Incomes are recorded on the basis of certainty.

1.2 FIXED ASSETS: -

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

1.3 DEPRECIATION :-

Depreciation on fixed assets is provided on Written Down method at the rates and in the manner specified in the schedule XIV of the Companies Act, 1956.

1.4 INVESTMENTS :-

Long Term Investment are stated at cost. No provision for dimunition in the value of investments have been provided as such dimunition is viewed as temporary in nature.

1.5 TRANSLATION OF FOREIGN CURRENCY ITEMS :-

Transactions denominated in foreign currency are recorded at the rate exchange in force at the date of transactions. Any difference arising due to subsequent realization is carried to Profit & Loss Account. All monetary assets held in foreign currency are carried to balance sheet at closing rate.

1.6 INVENTORIES :-

Inventories are valued at lower of cost or realisable value. The cost includes cost of purchase specifically identified to individual items of stock

1.7 TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the period Defferred tax is recognised subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originates in one period and is capable of reversal in one or more subsequent periods Defferred Tax Assets on carry forward long term capital losses are recognised as there is reasonable certainty that sufficient long term capital gain will be available in future against which such Defferred Tax Assets can be realised.

1.8 RETIREMENT BENEFIT :-

The company contributes to recognised Provident Fund which is charged to revenue. The gratuity is provided on cash basis as the amount involved therein may not be significant.


Mar 31, 2012

The Company adopts the accrual concept of accounting based on historical cost historical Cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

1.1 REVENUE RECOGNITION:

a) Sales are recognised on the date of despatches made.

b) Interest is recognised on time proportionate basis taking into account the amount outstanding and the rate applicable.

c) Dividend income is recognised when the right to receive is established.

d) Other Incomes are recorded on the basis of certainty.

1.2 FIXED ASSETS: -

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

1.3 DEPRECIATION:-

Depreciation on fixed assets is provided on Written Down method at the rates and in the manner specified in the schedule XIV of the Companies Act, 1956.

1.4 INVESTMENTS:-

Long Term Investment are stated at cost. No provision for dimunition in the value of investments have been provided as such dimunition is viewed as temporary in nature.

1.5 TRANSLATION OF FOREIGN CURRENCY ITEMS:-

Transactions denominated in foreign currency are recorded at the rate exchange in force at the date of transactions. Any difference arising due to subsequent realization is carried to Profit & Loss Account. All monetary assets held in foreign currency are carried to balance sheet at closing rate.

1.6 INVENTORIES:-

Inventories are valued at lower of cost or realisable value. The cost includes cost of purchase specifically identified to individual items of stock.

1.7 TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the period. Deferred tax is recognised subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originates in one period and is capable of reversal in one or more subsequent periods. Deferred Tax Assets on carry forward long term capital losses are recognised as there is reasonable certainty that sufficient long term capital gain will be available in future against which such Deferred Tax Assets can be realised.

1.8 RETIREMENT BENEFIT:-

The company contributes to recognised Provident Fund which is charged to revenue. The gratuity is provided on cash basis as the amount involved therein may not be significant.


Mar 31, 2011

1. ACCOUNTING POLICIES:

The Company adopts the accrual concept of accounting based on historical cost historical Cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

1.1 REVENUE RECOGNITION :

a) Sales are recognised on the date of despatches made.

b) Interest is recognised on time proportionate basis taking into account the amount outstanding and the rate applicable.

c) Dividend income is recognised when the right to receive is established.

d) Other Incomes are recorded on the basis of certainty.

1.2 FIXED ASSETS: -

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

1.3 DEPRECIATION :-

Depreciation on fixed assets is provided on Written Down method at the rates and in the manner specified in the schedule XIV of the Companies Act, 1956.

1.4 INVESTMENTS:-

Long Term Investment are stated at cost. No provision for diminution in the value of investments have been provided as such diminution is viewed as temporary in nature.

1.5 TRANSLATION OF FOREIGN CURRENCY ITEMS :-

Transactions denominated in foreign currency are recorded at the rate exchange in force at the date of transactions. Any difference arising due to subsequent realization is carried to Profit & Loss Account. AH monetary assets held in foreign currency are carried to balance sheet at closing rate.

1.6 INVENTORIES:-

Inventories are valued at lower of cost or realisable value. The cost includes cost of purchase specifically identified to individual items of stock.

1.7 TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the period. Deferred tax is recognised subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originates in one period and is capable of reversal in one or more subsequent periods. Deferred Tax Assets on carry forward long term capital losses are recognised as there is reasonable certainty that sufficient long term capital gain will be available in future against which such Deferred Tax Assets can be realised.

1.8 RETIREMENT BENEFIT :-

The company contributes to recognised Provident Fund which is charged to revenue. The gratuity is provided on cash basis as the amount involved therein may not be significant.


Mar 31, 2010

The Company adopts the accrual concept of accounting based on historical cost historical Cost concept except in respect of Gratuity & Leave Liabilities which are accounted for on cash basis.

1.1 REVENUE RECOGNITION :

a) Sales are recognised on the date of despatches made.

b) Interest is recognised on time proportionate basis taking into account the amount outstanding and the rate applicable.

c) Dividend income is recognised when the right to receive is established.

d) Other Incomes are recorded on the basis of certainly.

1.2 FIXED ASSETS: -

Fixed Assets are-statedat cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

1.3 DEPRECIATION:-

Depreciation on fixed assets is provided on Written Down method at the rates and in the manner specified in the schedule XIV of the Companies Act, 1956.

1.4 INVESTMENTS :-

Long Term Investment are stated at cost. No provision for dimunition in the value of investments have been provided as such dimunition is viewed as temporary in nature.

1.5 TRANSLATION OF FOREIGN CURRENCY ITEMS :-

Transactions denominated in foreign currency are recorded at the rate exchange in force at the date of transactions. Any difference arising due to subsequent realization is carried to Profit & Loss Account. All monetary assets held in foreign currency are carried to balance sheet at closing rate.

1.6 INVENTORIES:-

Inventories are valued at lower of cost or realisable value. The cost includes cost of purchase specifically identified to individual items of slock.

1.7 TAXES ON INCOME

Current Tax is determined as the amount of tax payable in respect of taxable income for the period. Defferred lax is recognised subject to the consideration of prudence on timing difference, being the difference between taxable income and accounting income that originates in one period and is capable of reversal in one or more subsequent periods. Defferred Tax Assets on carry forward long term capital losses are recognised as there is reasonable certainty that sufficient long term capital gain will be available in future against which such Defferred Tax Assets can be realised.

1.8 RETIREMENT BENEFIT:-

The company contributes to recognised Provident Fund which is charged to revenue. The gratuity is provided on cash basis as the amount involved therein may not be significant.