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Accounting Policies of Jupiter Industries and Leasing Ltd. Company

Mar 31, 2014

(a) Basis of accounting :

The financial statements have been prepared under the historical cost convention on the accrual basis of accounting and in accordance with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 and relevant provisions of the Companies Act, 1956. The accounting policies have been consistently applied by the company and are consistent with those used in the previous year unless otherwise stated.

(b) Accounting Estimates :

The preparation of financial statements in conformity with the generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities on the date of the financial statements. Actual results could differ from those estimates. Any difference between the actual result and estimates are recognised in the period in which the results are known / materialised. Any revision to accounting estimates is recognised prospectively in current and future periods.

(c) Going Concern:

There is no business activity carried out by the company. The management does not forsee any prospect of carrying out any business during the near future till the financial position of the company has been improved. The management of the company has decided to run the company as going concern. In view of the above, the accounts of the company have been prepared as going concern.

(d) Taxes :

Provision for tax is made for both current and deferred taxes. Provisions for current income tax is made at current tax rates based on assessable income. The Company provides for deferred tax based on the tax effect of timing difference resulting from the recognition of items in the financial statement and in estimating it''s current tax provision. Deferred tax assets are recognised if there is a reasonable certainty of realisation.

(e) Employees Benefits :

The Company has no employee and hence Accounting Standard (AS-15) on Employees Benefits is not applicable.

(f) Cash and Cash equivalents:

Cash and cash equivalents for the purposes of cash-flow statement comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.


Mar 31, 2013

(a) Basis of accounting :

The financial statements have been prepared under the historical cost convention on the accrual basis of accounting and in accordance with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 and relevant provisions of the Companies Act, 1956. The accounting policies have been consistently applied by the company and are consistent with those used in the previous year unless otherwise stated.

(b) Accounting Estimates:

The preparation of financial statements in conformity with the generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities on the date of the financial statements. Actual results could differ from those estimates. Any difference between the actual result and estimates are recognized in the period in which the results are known /materialized. Any revision to accounting estimates is recognized prospectively in current and future periods.

(c) Going Concern:

There is no business activity carried out by the company. The management does not for see any prospect of carrying out any business during the near future till the financial position of the company has been improved. The management of the company has decided to run the company as going concern. In view of the above, the accounts of the company have been prepared as going concern.

(d) Taxes:

Provision for tax is made for both current and deferred taxes. Provisions for current income tax is made at current tax rates based on assessable income. The Company provides for deferred tax based on the tax effect of timing difference resulting from the recognition of items in the financial statement and in estimating its current tax provision. Deferred tax assets are recognized if there is a reasonable certainty of realization.

(e) Employees Benefits:

The Company has no employee and hence Accounting Standard (AS-15) on Employees Benefits is not applicable.

(f) Cash and Cash equivalents:

Cash and cash equivalents for the purposes of cash-flow statement comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.


Mar 31, 2012

(a) Basis of accounting :

The financial statements have been prepared under the historical cost convention on the accrual basis of accounting and in accordance with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 and relevant provisions of the Companies Act, 1956. The accounting policies have been consistently applied by the company and are consistent with those used in the previous year unless otherwise stated.

(b) Change in accounting policy:-

During the year ended 31 March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurment principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

(c) Accounting Estimates :

The preparation of financial statements in conformity with the generally accepted accounting principles (GAAP) requiresmanagement to make estimates and assumptions that affect the reported amounts of assets and liabilities and thedisclosure of contingent liabilities on the date of the financial statements. Actual results could differ from those estimates.Any difference between the actual result and estimates are recognised in the period in which the results are known /materialised. Any revision to accounting estimates is recognised prospectively in current and future periods.

(d) Fixed assets & Depreciation :

(i) Tangible fixed assets

Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The costcomprises purchase price and directly attributable cost of bringing the asset to its working condition for the intended use. Anytrade discounts and rebates are deducted in arriving at the purchase price.

Gains or losses arising from derecognition of fixed assets are measured as the difference between the net disposalproceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset isderecognized.

(ii) Depreciation and Amortisation

Depreciation on fixed assets leased out has been provided on straight line method at the rate prescibed in schedule XIV of the Companies Act, 1956.

The company is not following Prudential Provisioning Norms for Accounting for lease transactions as prescribed by the RBI under Prudential Norms (Reserve Bank) Direction ,1998

(e) Impairment of Assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value and accordingly charge to Profits Loss Account.

(f) Taxes:

Provision for tax is made for both current and deferred taxes. Provisions for current income tax is made at current tax ratesbased on assessable income. The Company provides for deferred tax based on the tax effect of timing difference resultingfrom the recognition of items in the financial statement and in estimating it's current tax provision. Deferred tax assets arerecognised if there is a reasonable certainty of realisation. The effect on deferred taxes of a change in tax rates is recognisedin the Profit & Loss Account in the period in which it has been enacted.

(g) Employees Benefits :

The Company has no employee and hence Accounting Standard (AS-15) on Employees Benefits is not applicable.

(h) Cash and cash equivalents:

Cash and cash equivalents for the purposes of cash-flow statement comprise cash at bank and in hand and short- terminvestments with an original maturity of three months or less.


Mar 31, 2011

I) System of Accounting :

The Company generally follows the mercantile system of accounting and recognises income and expenditure on an accrual basis except those with significant uncertainties. Financial statements are based on historical costs.

ii) Fixed Assets and Depreciation :

Fixed assets including leased assets are shown at cost less depreciation. None of the fixed assets have been revalued during the year. Depreciation on the fixed assets leased out has been provided on straight line method at the rate prescribed in Schedule XIV of the Companies Act, 1956 on pro-rata basis with reference to the actual month of Purchase/installation/Sale, which is not according to the guidelines issued by the Institute of Chartered Accountants' of India in respect of leasing & hire purchase assets.


Mar 31, 2010

I) System of Accounting :

The Company generally follows the mercantile system of accounting and recognises income and expenditure on an accrual basis except those with significant uncertainties. Financial statements are based on historical costs..

ii) Fixed Assets and Depreciation :

Fixed assets including leased assets are shown at cost less depreciation. None of the fixed assets have been revalued during the year. Depreciation on the fixed assets leased out has been provided on straight line method at the rate prescribed in Schedule XIV of the Companies Act, 1956 on pro-rata basis with reference to the actual month of Purchase/Installation/Sale, which is not according to the guidelines issued by the Institute of Chartered Accountants of India In respect of leasing & hire purchase assets.

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