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Accounting Policies of Khandelwal Extractions Ltd. Company

Mar 31, 2015

(I) BASIS OF ACCOUNTING :

The accounts are prepared in accordance with applicable mandatory accounting standards under the historical cost convention and mercantile system of accounting is followed for recognition of Income and Expenses .

(II) INVESTMENT :

Current investments are valued at lower of cost and fair market value. Long term investments are stated at cost after deducting provisions made for other than temporary diminution in the value , if any.

(III) FIXED ASSETS :

Fixed assets are stated at cost. Cost comprises its purchase price, including import duties and other non-refundable taxes or levies and any directly attributable cost of bringing the assets to its working condition for its intended use.

(IV) INVENTORIES :

Inventories are valued at the lower of cost and net realizable value . Cost comprises of all costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

Cost of Raw Material is determined on seasonal weighted average cost. Cost of stores and spares and finished goods are determined on weighted average cost.

(V) BORROWING COST :

Borrowing Cost that are directly attributable to the acquisition ,construction or production of a qualifying asset are capitalized and other borrowing cost are charged to Profit & Loss Account.

(VI) DEPRECIATION :

Depreciation on the Fixed Assets has been provided in the books on straight liner method over the useful life of the assets in the manner prescribed in schedule II of the Companies Act, 2013.

(VII) SALES:

Sales includes freight and handling outwards but is net of goods returned, rebates and discounts.

(VIII) EMPLOYEE BENEFITS :

(i) Salaries, wages,and house rent allowances are accounted for on accrual basis.

(ii) Liability for employees' gratuity is accounted for on the basis of contribution determined by L.I.C. under their Group Gratuity Cash Accumulation Scheme.

(IX) Prepaid expenses are proportionately accounted for on time basis in respect of insurance premium.

(X) Insurance claims are accounted for on the basis of claims filed with the Insurance Company and adjustments


Mar 31, 2014

(I) BASIS OF ACCOUNTING :

The accounts are prepared in accordance with applicable mandatory accounting standards under the historical cost convention and mercantile system of accounting is followed for recognition of Income and Expenses .

(II) INVESTMENT :

Current investments are valued at lower of cost and fair market value. Long term investments are stated at cost after deducting provisions made for other than temporary diminution in the value, if any

(III) FIXED ASSETS :

Fixed assets are stated at cost. Cost comprises its purchase price, including import duties and other non- refundable taxes or levies and any directly attributable cost of bringing the assets to its working condition for its intended use.

(IV) INVENTORIES :

Inventories are valued at the lower of cost and net realizable value . Cost comprises of all costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

Cost of Raw Material is determined on seasonal weighted average cost. Cost of stores and spares and finished goods are determined on weighted average cost.

(V) BORROWING COST :

Borrowing Cost that are directly attributable to the acquisition ,construction or production of a qualifying asset are capitalized and other borrowing cost are charged to Profit & Loss Account.

(VI) DEPRECIATION :

Depreciation on the Fixed Assets has been provided in the books as per straight line method at the rates prescribed in schedule XIV of the Companies Act, 1956.

(VII) SALES:

Sales includes freight and handling outwards but is net of goods returned, rebates and discounts.

(VIII) EMPLOYEE BENEFITS :

(i) Salaries, wages, house rent allowances and leave encashments are accounted for on accrual basis.

(ii) Liability for employees'' gratuity is accounted for on the basis of contribution determined by L.I.C. under their Group Gratuity Cash Accumulation Scheme.

(IX) Prepaid expenses are proportionately accounted for on time basis in respect of insurance premium.

(X) Insurance claims are accounted for on the basis of claims filed with the Insurance Company and adjustments arising due to short/excess received in such claims are made in the year the claim is finally settled.


Mar 31, 2012

(I) BASIS OF ACCOUNTING :The accounts are prepared in accordance with applicable mandatory accounting standards under the historical cost convention and mercantile system of accounting is followed for recognition of Income and Expenses.

(II) INVESTMENT: Current investments are valued at lower of cost and fair market value. Long term investments are stated at cost after deducting provisions made for other than temporary diminution in the value, if any.

(III) FIXED ASSETS: Fixed assets are stated at cost. Cost comprises its purchase price, including import duties and other non-refundable taxes or levies and any directly attributable cost of bringing the assets to its working condition for its intended use.

(IV) INVENTORIES: Inventories are valued at the lower of cost and net realizable value. Cost comprises of all costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

Cost of Raw Material is determined on seasonal weighted average cost. Cost of stores and spares and finished goods are determined on weighted average cost.

(V) BORROWING COST :Borrowing Cost that are directly attributable to the acquisition .construction or production of a qualifying asset are capitalized and other borrowing cost are charged to Profit & Loss Account.

(VI) DEPRECIATION -.Depreciation on the Fixed Assets has been provided in the books as per straight the method at the rates prescribed in schedule XIV of the Companies Act, 1956.

(VII) SALES:Sales includes freight and handling outwards but is net of goods returned, rebates and discounts

(VIII) EMPLOYEE BENEFITS:

(i)Salaries, wages, house rent allowances and leave encashments are accounted for on accrual basis.

(ii)Liability for employees' gratuity is accounted for on the basis of contribution determined by L.I.C. under their Group Gratuity Cash Accumulation Scheme.

(IX) Prepaid expenses are proportionately accounted for on time basis in respect of insurance premium.

(X) Insurance claims are accounted for on the basis of claims filed with the Insurance Company and adjustments arising due to short/excess received in such claims are made in the year the claim is finally settled.


Mar 31, 2011

1. BASIS OF ACCOUNTING : The accounts are prepared under the historical cost convention in accordance with applicable mandatory accounting standard and mercantile system of accounting is followed for recognition of Income and Expenses

2. VALUATION:

(i) Fixed Assets are shown at cost.

(ii) Inventories of stores, spares and raw materials are valued at cost. Finished goods are valued at lower of cost and net realisable value. Cost of Raw material is determined on seasonal average cost and cost of finished goods is determined on yearly average cost.

(iii) Long term investments are stated at cost less provision for diminution in value other than temporary, if any. Current Investment are stated at lower of cost or fair market value.

3. DEPRECIATION: Depreciation on the Fixed Assets has been provided in the books as per straight line method at the rates prescribed in schedule XIV of the Companies Act, 1956.

4. TURNOVER : Turnover includes freight and handling outwards but is net of goods returned, rebates and discounts.

5. EMPLOYEE BENEFITS: Salaries, wages & house rent allowances are accounted for on accrual basis. Liability for employees'' gratuity is accounted for on the basis of contribution determined by L.I.C. under their Group Gratuity Cash Accumulation Scheme. Leave encashment is accounted on the basis of actual liability determined by management as at close of the year.

6. Prepaid expenses are proportionately accounted for on time basis in respect of insurance premium.

7. Insurance claims are accounted for on the basis of claims filed with the Insurance Company and adjustments arising due to short/excess received in such claims are made in the year the claim is finally settled.


Mar 31, 2010

1. BASIS OF ACCOUNTING : The accounts are prepared under the historical cost convention in accordance with applicable mandatory accounting standard and mercantile system of accounting is followed for recognition of Income and Expenses

2. VALUATION: (i) Fixed Assets are shown at cost.

(ii) Inventories of stores, spares and raw materials are valued at cost. Finished goods are valued at lower of cost and net realisable value. Cost of Raw material is determined on seasonal average cost and cost of finished goods is determined on yearly average cost.

(iii) Long term investments are stated at cost less provision for diminution in value other than temporary, if any. Current Investment are stated at lower of cost or fair market value.

3. DEPRECIATION: Depreciation on the Fixed Assets has been provided in the books as per straight line method at the rates prescribed in schedule XIV of the Companies Act, 1956.

4. TURNOVER : Turnover includes freight and handling outwards but is net of goods returned, rebates and discounts.

5. EMPLOYEE BENEFITS: Salaries, wages & house rent allowances are accounted for on accrual basis. Liability for employees gratuity is accounted for on the basis of contribution determined by L.I.C. under their Group Gratuity Cash Accumulation Scheme. Leave encashment is accounted on the basis of actual liability determined by management as at close of the year.

6. Prepaid expenses are proportionately accounted for on time basis in respect of insurance premium.

7. Insurance claims are accounted for on the basis of claims filed with the Insurance Company and adjustments arising due to short/excess received in such claims are made in the year the claim is finally settled.

 
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