Home  »  Company  »  K-Lifestyle & Ind.  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of K-Lifestyle & Industries Ltd. Company

Mar 31, 2015

1.1 Accounting Concepts:

The Company maintains its accounts on accrual basis following the historical cost convention in accordance with generally accepted accounting principles ("GAAP"), and in compliance with the Accounting Standards referred to in section 211 (3C) and other requirements of the Companies Act, 2013

The preparation of financial statements in conformity with Indian GAAP requires that the management of the Company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the financial statements. Examples of such estimates include the useful lives of fixed assets etc. Actual results could differ from these estimates.

1.2 Fixed Assets :-

Fixed Assets are stated at cost less accumulated depreciation. Cost includes all identifiable expenditure to bring the assets to its present location and condition

1.3 Inventories:-

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

1.4 Depreciation:-

Depreciation on Fixed Assets has been provided at Straight Line Method and at the rates prescribed in schedule XIV of the companies Act, 2013.

1.5 Revenue Recognition :-

Revenue on sale of products is recognized when the products are dispatched to customers,

1.6 Expenses Recognition:-

Expenses are charged to revenue on accrual basis.


Mar 31, 2014

1.1. The Company maintains its accounts on accrual basis following the historical cost convention in accordance with generally accepted accounting principles ("GAAP"), and in compliance with the Accounting Standards referred to in section 211 (3C) and other requirements of the Companies Act, 1956.

The preparation of financial statements in conformity with GAAP requires that the management of the Company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the financial statements. Examples of such estimates include the useful lives of fixed assets etc. Actual results could differ from these estimates.

1.2. FIXED ASSETS

Fixed Assets are stated at cost of acquisition less depreciation. The cost comprises of the purchase price and other attributable costs.

1.3. DEPRECIATION

The Company follows the straight line method of providing depreciation at the rates prescribed in Schedule XIV to the Companies (Amendment) Act 1988 read with Section 205(2) (b) of the said Act on pro-rata basis uniformly in respect of all assets.

1.4. INVESTMENTS

Long Term Investments are carried at cost less provision for diminution other than Temporary, if any, in value of such investments.

1.5. INVENTORIES

Inventories are valued at cost or Net realizable value, whichever is lower.

1.6. EMPLOYEE BENEFIT:

(a) Provident fund has been paid regularly in time by the company

(b) Gratuity & Leave Encashment is accounted for in cash basis as and when paid.

1.7. Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes as a substantial period of time to get ready for its intended use or sale. All other borrowing costs are charged.

1.8. AS-22 Accounting for taxes on Income:

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provision of the Income Tax Act, 1961, and based on expected outcome of assessment / appeals.

Deferred tax is recognised on timing differences between the accounting income and the taxable income for the year, and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.


Mar 31, 2012

1.1 The Company maintains its accounts on accrual basis following the historical cost convention in accordance with generally accepted accounting principles ("GAAP"), and in compliance with the Accounting Standards referred to in section 211 (3C) and other requirements of the Companies Act, 1956

The preparation of financial statements in conformity with GAAP requires that the management of the Company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the financial statements. Examples of such estimates include the useful lives of fixed assets etc. Actual results could differ from these estimates.

1.2 FIXED ASSETS

Fixed Assets are stated at cost of acquisition less depreciation. The cost comprises of the purchase price and other attributable costs.

1.3 DEPRECIATION

The Company follows the straight line method of providing depreciation at the rates prescribed in Schedule XIV to the Companies (Amendment) Act 1988 read with Section 205(2) (b) of the said Act on pro-rata basis uniformly in respect of all assets.

1.4 INVESTMENTS

Long Term Investments are carried at cost less provision for diminution other than Temporary, if any, in value of such investments.

1.5 INVENTORIES

Inventories are valued at cost or Net realizable value, whichever is lower.

1.6 EMPLOYEE BENEFIT:

a) Provident fund has been paid regularly in time by the company

b) Gratuity & Leave Encashment is accounted for in cash basis as and when paid.

1.7 Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes as a substantial period of time to get ready for its intended use or sale. All other borrowing costs are charged.

1.8 AS-22 Accounting for taxes on Income:

Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provision of the Income Tax Act, 1961, and based on expected outcome of assessment / appeals.

Deferred tax is recognised on timing differences between the accounting income and the taxable income for the year, and quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.


Mar 31, 2011

A. The Company maintains its accounts on accrual basis following the historical cost convention in accordance with generally accepted accounting principles ("GAAP"), and in compliance with the Accounting Standards referred to in section 211 (3C) and other requirements of the Companies Act, 1956

The preparation of financial statements in conformity with GAAP requires that the management of the Company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the financial statements. Examples of such estimates include the useful lives of fixed assets etc. Actual results could differ from these estimates.

b. FIXED ASSETS

Fixed Assets are stated at cost of acquisition less depreciation. The cost comprises of the purchase price and other attributable costs.

c. DEPRECIATION

The Company follows the straight line method of providing depreciation at the rates prescribed in Schedule XIV to the Companies (Amendment) Act 1988 read with Section 205(2) (b) of the said Act on pro-rata basis uniformly in respect of all assets.

From January 2010 has been provided depreciation on Plant & Machinery on Triple shift basis on term of schedule XIV to the Companies (Amendment) Act 1988.As against till December 2009 the depreciation was provided single shift basis.

d. INVESTMENTS

Long Term Investments are carried at cost less provision for diminution other than Temporary,if any, in value of such investments. .

e. INVENTORIES

Inventories are valued at cost or Net realizable value, whichever is lower.


Mar 31, 2010

A. ACCOUNTING CONCEPTS

The Company follows the mercantile system of Accounting and recognizes Income and Expenditure on accrual basis. The accounts are prepared on historical cost basis, as a going concern, and are consistent with generally accepted accounting principles.

b. FIXED ASSETS:

Fixed Assets are stated at cost of acquisition less depreciation. The cost comprises the purchase price and other attributable costs.

c. DEPRECIATION:

The Company follows the straight line method of providing depreciation at the rates prescribed in Schedule XIV to the Companies (Amendment) Act 1988 read with Section 205(2) (b) of the said Act on pro-rata basis uniformly in respect of all assets.

d. INVESTMENTS:

Investments are stated at cost, Provision for diminution in value of investments, if any, is made if such diminution is other than temporary.

e. INVENTORIES:

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

 
Subscribe now to get personal finance updates in your inbox!