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Accounting Policies of Ken Financial Services Ltd. Company

Mar 31, 2015

1.1 Basis of preparation of financial statements

The Financial Statements are prepared under in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on accrual basis except those stated at revalued amount on the going concern basis. GAAP comprises mandatory accounting standards as prescribed by the Companies Rules, 2006; the provision of the Companies Act, 2013 and guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hereto in use.

1.2 Fixed Assets:

Fixed assets are stated at cost less accumulated depreciation. Cost is inclusive of freight, duties, levies and any directly attributable cost of bringing the assets to their working condition for their intended use.

1.3 Depreciation:

Depreciation on tangible assets is provided to the extent of depreciable amount on straight line method over the useful life of such assets as specified in Schedule II to the Companies Act, 2013.

1.4 Revenue Recognition

Revenue is recognized only when it is reasonably certain that the ultimate collection will be made.

1.5 Retirement Benefits

The Company follows the policy of accounting for the same only on crystallization of the liability.

1.6 Provision for Current and Deferred Tax

Provision for Current tax is made after taking into consideration benefits admissible under the Income Tax Act, 1961. Deferred Tax is recognized, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. The tax effect is calculated on the accumulated timing differences at the end of an accounting period based on enacted or substantially enacted regulations. Deferred tax asset is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future.

1.7 Expenses

Material known liabilities are provided for on the basis of available information / estimates. Material items of prior period expenses, non-recurring and extra ordinary expenses are disclosed separately.

1.8 Earnings Per Share

Basic Earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the period.

1.9 Stock In Trade

Stocks are valued at lower of cost or market value.

1.10 Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognized when there is present obligation as a result of a past event it is probable that an outflow of resources will be required to settle the obligation and in respect of which reliable estimate can be made. Contingent Liabilities are disclosed in the notes on accounts. Unless the possibility of any outflow in settlement is remote, contingent assets are neither recognized nor disclosed.


Mar 31, 2014

1.1 Basis of preparation of financial statements

The Financial Statements are prepared under in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on accrual basis except those stated at revalued amount on the going concern basis. GAAP comprises mandatory accounting standards as prescribed by the Companies Rules, 2006; the provision of the Companies Act, 1956 and guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hereto in use.

1.2 Fixed Assets:

Fixed assets are stated at cost less accumulated depreciation. Cost is inclusive of freight, duties, levies and any directly attributable cost of bringing the assets to their working condition for their intended use.

1.3 Depreciation:

Depreciation on fixed assets has been provided under the straight line method and in the manner provided by Schedule XIV to the Companies Act, 1956.

1.4 Revenue Recognition

Revenue is recognized only when it is reasonably certain that the ultimate collection will be made.

1.5 Retirement Benefits

The Company follows the policy of accounting for the same only on crystallization of the liability.

1.6 Provision for Current and Deferred Tax

Provision for Current tax is made after taking into consideration benefits admissible under the Income Tax Act, 1961. Deferred Tax is recognized, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. The tax effect is calculated on the accumulated timing differences at the end of an accounting period based on enacted or substantially enacted regulations. Deferred tax asset is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future.

1.7 Expenses

Material known liabilities are provided for on the basis of available information / estimates. Material items of prior period expenses, non-recurring and extra ordinary expenses are disclosed separately.

1.8 Earnings Per Share

Basic earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during the period.

1.9 Stock In Trade

Stock are valued at lower of cost or market value.

1.10 Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognized when there is present obligation as a result of a past event it is probable that an outflow of resources will be required to settle the obligation and in respect of which reliable estimate can be made. Contingent Liabilities are disclosed in the notes on accounts. Unless the possibility of any outflow in settlement is remote, contingent assets are neither recognized nor disclosed.


Mar 31, 2012

1.1 Basis of preparation of financial statements

The Financial Statements are prepared under in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on accrual basis except those stated at revalued amount on the going concern basis. GAAP comprises mandatory accounting standards as prescribed by the Companies Rules, 2006; the provision of the Companies Act, 1956 and guidelines issued by the Securities and Exchange Board of India (SEBl). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hereto in use.

1.2 Fixed Assets:

Fixed assets are stated at cost less accumulated depreciation. Cost is inclusive of freight, duties, levies and any directly attributable cost of bringing the assets to their working condition for their intended use.

1.3 Depreciation:

Depreciation on fixed assets has been provided under the straight line method and in the manner provided by Schedule XIV to the Companies Act, 1956.

1.4 Revenue Recognition

Revenue is recognized only when it is reasonably certain that the ultimate collection will be made.

1-5 Retirement Benefits

The Company follows the policy of accounting for the same only on crystallization of the liability.

1.6 Provision for Current and Deferred Tax

Provision for Current tax is made after taking into consideration benefits admissible under the Income Tax Act, 1961. Deferred Tax is recognized, on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. The tax effect is calculated on the accumulated timing differences at the end of an accounting period based on enacted or substantially enacted regulations. Deferred tax asset is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future.

1.7 Expenses

Material known liabilities are provided for on the basis of available information / estimates. Material items of prior period expenses, non-recurring and extra ordinary expenses are disclosed separately,

1.8 Earnings Per Share

Basic earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares outstanding during die period.

1.9 Investment

Investments are stated at cost. .Any diminution in the value Of investment is charged to Profit and Loss Account, if such a decline is other than temporary in the opinion of the Management.

1.10 Provisions, Contingent Liabilities and Contingent Assets *

Provisions are recognized when there is present obligation as a result of a past event it is probable that an outflow of resources will be required to settle the obligation and in respect of which reliable estimate can be made. Contingent Liabilities are disclosed in the notes on accounts. Unless the possibility of any outflow in settlement is remote, contingent assets are neither recognized nor disclosed.


Mar 31, 2011

A) Basis of Accounting

The Financial Statements are prepared under the historical cost convention and on accrual basis except those stated at revalued amount on the going concern basis.

b) Fixed Assets:

Fixed assets are stated at cost less accumulated depreciation, Cost is inclusive of freight, duties, levies and any directly attributable cost of bringing the assets to their working condition for their intended use.

c) Depreciation:

Depreciation on fixed assets has been provided under the straight line method at the rates and in the manner provided by Schedule XIV to the Companies Act, 1956.

d) Revenue Recognition

Revenue is recognized only when it is reasonably certain that the ultimate collection will be made,

e) Retirement Benefits

The Company follows the policy of accounting for the same only on crystallization of the liability,

f) Provision for Current and Deferred Tax

Provision for Current tax is made after taking into consideration benefits admissible under the Income Tax Act, 1961. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date, Deferred tax asset is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future.

g) Expenses

Material known liabilities are provided for on the basis of available information / estimates, Material items of prior period expenses, non-recurring and extra ordinary expenses are disclosed separately.


Mar 31, 2010

A) Basis of Accounting

Financial statements are prepared on historical cost convention and on accrual basis except those stated at revalued amount and on the going concern basis

b) Fixed Assets:

Fixed Assets are valued at historical cost less depreciation.

c) Depreciation:

Depreciation on fixed assets has been provided under the straight line method at the rates and in the manner provided by Schedule XIV to the Companies Act, 1956.

d) Revenue Recognition

Revenue is recognized only when it is reasonably certain that the ultimate collection will be made.

e) Retirement Benefits

The Company follows the policy of accounting for the same only on crystallization of the liability.


Mar 31, 2009

A). Basis of Accounting

Financial statements are prepared on historical cost convention and on accrual basis except those stated at revalued amount and on the going concern basis

b). Fixed Assets:

Fixed Assets are valued at historical cost less depreciation.

c). Depreciation:

Depreciation on fixed assets has been provided under the straight line method at the rates and in the manner provided by Schedule XIV to the Companies Act, 1956.

d). Revenue Recognition

Revenue is recognized only when it is reasonably certain that the ultimate collection will be made.

e). Retirement Benefits

The Company follows the policy of accounting for the same only on crystallization of the liability.



 
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