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Accounting Policies of Linkhouse Industries Ltd. Company

Mar 31, 2014

1. BASIS OF PREPARATION

The Financial Statements are prepared under the historical cost convention in accordance with generally accepted Accounting Principles (GAAP) and materially comply with the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the provision of the Companies Act, 1956. All Income & Expenditure having a material bearing on the Financial Statements are recognized on Accrual basis.

2. USE OF ESTIMATES:

The preparation of Financial Statement in conformity with GAAP requires management to make estimates and assumption that affect the reported amount of Assets & Liabilities, disclosure of Contingent Liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The actual results could differ from these estimates.

3. VALUATION OF FIXED ASSETS:

Fixed Assets are stated at the cost of acquisition or Construction less Depreciation provided thereon.

4. DEPRECIATION:

i) Depreciation on Fixed Assets is provided on Straight line Method at the rates as prescribed by Schedule XIV of The Companies Act, 1956.

ii) Depreciation is charged on pro-rata basis for assets Purchased / Sold during the year.

iii) Land (whether Freehold or leasehold) is not depreciated.

5. BORROWING COSTS:

Borrowing costs that are directly attributable to the production of qualifying assets (i.e. Commercial Complexes) are capitalized, while the other borrowing costs are capitalized to Capital Work in progress.

6. INVESTMENTS:

The long-term investments are stated at cost. Temporary decline in the value of investment (if any) is not recognized.

7. VALUATION OF INVENTORIES:

Closing Stock are as valued, taken and certified by the Director.

i) Stores, Spares, Building Materials, Loose Tools are valued at cost.

ii) Raw Materials are valued at cost.

iii) Project Work in Progress is valued at cost on the basis of completion of work

8. REVENUE RECOGNITION:-

Revenue from business and other Related Business (Business Conducting Charges) is recognized on the accrual basis and of percentage of block sales.

9. PERSONAL EXPENSES:

Director has certified that no personal expenses have been charged in the accounts during the year.


Mar 31, 2013

1. BASIS OF PREPARATION:

The Financial Statements are prepared under the historical cost convention in accordance with generally accepted Accounting Principles (GAAP) and materially comply with the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the provision of the Companies Act, 1956. All Income & Expenditure having a material bearing on the Financial Statements are recognized on Accrual basis.

2. USE OF ESTIMATES :

The preparation of Financial Statement in conformity with GAAP requires management to make estimates and assumption that affect the reported amount of Assets & Liabilities, disclosure of Contingent Liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The actual results could differ from these estimates.

3. VALUATION OF FIXED ASSETS:

Fixed Assets are stated at the cost of acquisition or Construction less Depreciation provided thereon.

4. DEPRECIATION :

i) Depreciation on Fixed Assets is provided on Straight line Method at the rates as prescribed by Schedule XIV of The Companies Act, 1956.

ii) Depreciation is charged on pro?rata basis for assets Purchased / Sold during the year.

iii) Land (whether Freehold or leasehold) is not depreciated.

5. BORROWING COSTS :

Borrowing costs that are directly attributable to the production of qualifying assets (i.e. Commercial Complexes) are capitalized, while the other borrowing costs are capitalized to Capital Work in progress.

6. INVESTMENTS :

The long?term investments are stated at cost. Temporary decline in the value of investment (if any) is not recognized.

7. VALUATION OF INVENTORIES :

Closing Stock are as valued, taken and certified by the Director.

i) Stores, Spares, Building Materials, Loose Tools are valued at cost.

ii) Raw Materials are valued at cost.

iii) Project Work in Progress is valued at cost on the basis of completion of work

8. REVENUE RECOGNITION :?

Revenue from business and other Related Business (Business Conducting Charges) is recognized on the accrual basis and of percentage of block sales.

9. PERSONAL EXPENSES:

Director has certified that no personal expenses have been charged in the accounts during the year.


Mar 31, 2012

1. BASIS OF PREPARATION :

The Financial Statements are prepared under the historical cost convention in accordance with generally accepted Accounting Principles (GAAP) and materially comply with the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and the provision of the Companies Act, 1956. All Income & Expenditure having a material bearing on the Financial Statements are recognized on Accrual basis.

2. USE OF ESTIMATES :

The preparation of Financial Statement in conformity with GAAP requires management to make estimates and assumption that affect the reported amount of Assets & Liabilities, disclosure of Contingent Liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The actual results could differ from these estimates.

3. VALUATION OF FIXED ASSETS :

Fixed Assets are stated at the cost of acquisition or Construction less Depreciation provided thereon.

4. DEPRECIATION :

i) Depreciation on Fixed Assets is provided on S.L.M Method at the rates as prescribed by Schedule XIV of The Companies Act, 1956.

ii) Depreciation is charged on pro-rata basis for assets Purchased / Sold during the year.

iii) Land (whether Freehold or leasehold) is not depreciated.

5. BORROWING COSTS :

Borrowing costs that are directly attributable to the production of qualifying assets (i.e. Commercial Complexes) are capitalized, while the other borrowing costs are capitalized to Capital Work in progress.

6. INVESTMENTS :

The long-term investments are stated at cost. Temporary decline in the value of investment (if any) is not recognized.

7. VALUATION OF INVENTORIES :

Closing Stock are as valued, taken and certified by the Director.

i) Stores, Spares, Building Materials, Loose Tools are valued at cost.

ii) Raw Materials are valued at cost.

iii) Project Work in Progress is valued at cost on the basis of completion of work

8. REVENUE RECOGNITION :-

Revenue from business and other Related Business (Business Conducting Charges) is recognized on the accrual basis and of percentage of block sales.

9. PERSONAL EXPENSES :

Director has certified that no personal expenses have been charged in the accounts during the year.


Mar 31, 2010

1. BASIS OF PREPARATION:

The Financial Statements are prepared under the historical cost convention in accordance with generally accepted Accounting Principles (GAAP) and materially comply with the Mandatory Accounting Standards issued by the Institute of Chartered Accountants Of India and the provisions of the Companies Act, 1956. All Income & Expenditure having a material bearing on the Financial Statements are recognized on Accrual basis.

2. USE OF ESTIMATES:

The preparation of Financial Statement in conformity with GAAP requires management to make estimates and assumption that affect the reported amount of Assets & Liabilities, disclosure of Contingent Liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The actual results could differ from these estimates.

3. VALUATION OF FIXED ASSETS:

Fixed Assets are stated at the cost of acquisition or Construction less Depreciation provided there on.

4. DEPRECIATION:

I) Depreciation on Fixed Assets is provided on Straight Line Method at the rates as prescribed by Schedule XIV of The Companies Act, 1956.

ii) Depreciation is charged on pro-rata basis for assets Purchased / Sold during the year.

iii) Land (whether freehold or leasehold) is not depreciated.

5. BORROWING COSTS:

Borrowing costs that are directly attributable to the production of qualifying assets (I.e. Commercial Complex) are capitalized, while the other borrowing costs are capitalized to capital work in progress.

6. INVESTMENTS:

The long-term Investments are stated at cost. Temporary decline in the value of investment (if any) is not recognized

7. VALUATION OF INVENTORIES:

i) Closing stock are as valued, taken & certified by the directors.

ii) Stores, Spares, Building Materials, Loose Tools are valued at cost.

iii) Raw Materials are valued at cost.

iv) Project Work in Progress is valued at cost plus estimated Profit on the basis of completion of work.

8. REVENUE RECOGNITION:

Revenue from entertainment & other related business (Business Conducting Charges) is recognized on the basis of percentage of work completed.

9. PERSONAL EXPENSES:

Directors has certified that no personal expenses have been charged in the accounts during the year.




Mar 31, 2009

1. BASIS OF PREPARATION: -

The Financial Statements are prepared under the historical cost convention in accordance with generally accepted Accounting Principles (GAAP) and materially comply with the Mandatory Accounting Standards issued by the Institute Of Chartered Accountants Of India and the provisions of The Companies Act, 1956. All Income & Expenditure having a material bearing on the Financial Statements are recognized on Accrual basis.

2. USE OF ESTIMATES:-

The preparation of Financial Statement in conformity with GAAP requires Management to make estimates and assumption that affect the reported amount of Assets & Liabilities, disclosure of Contingent Liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The actual results could differ from these estimates.

3. VALUATION OF FIXED ASSETS: -

Fixed Assets are stated at the cost of acquisition or Construction less Depreciation provided thereon.

4. DEPRECIATION: -

i) Depreciation on Fixed Assets is provided on Straight Line Method at the rates as prescribed by Schedule XIV of

The Companies Act, 1956. ii) Depreciation is charged on pro-rata basis for assets Purchased / Sold during the year. iii) Land (whetherfreehold or leasehold) is not depreciated.

5. BORROWING COSTS:-

Borrowing costs that are directly attributable to the production of qualifying assets (I.e. Commercial Complexies) are capitalized, while the other borrowing costs are charged to capital Work In Progress.

6. INVESTMENTS: -

The long-term Investments are stated at cost. Temporary decline in the value of investment (if any) is not recognized

7. VALUATION OF INVENTORIES: -

Closing stock are as valued, taken and certified by the directors.

i) Stores, Spares, Building Materials, Loose Tools are valued at cost.

ii) Raw Materials are valued at cost.

iii) Project Work in Progress is valued at cost plus estimated amount of Profit on the basis of Completion of work.

8. REVENUE RECOGNITION:-

a) Revenue from real estates is recognized on actual sale of blocks.

b) Revenue from Construction Contracts is recognized on the basis of percentage of work completed.


Mar 31, 2008

1. BASIS OF PREPARATION:-

The Financial Statements are prepared under the historical cost convention in accordance with generally accepted Accounting Principles (GAAP) and materially comply with the Mandatory Accounting Standards issued by the Institute Ot Chartered Accountants Of India and the provisions of The Companies Act, 1956. All Income & Expenditure having a material bearing on the Financial Statements are recognized on Accrual basis.

2. USE OF ESTIMATES:-

The preparation of Financial Statement in conformity with GAAP requires Management to make estimates & assumptions that affect the reported amount of Assets & Liabilities, disclosure of Contingent Liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting period. The actual results could differf rom these estimates.

3. VALUATION OF FIXED ASSETS: -

Fixed Assets are stated at the cost of acquisition or Construction less Depreciation.

4. DEPRECIATION: -

i) Depreciation on Fixed Assets is provided on Straight Line Method at the rates as prescribed by Schedule XIV of The Companies Act, 1956.

ii) Depreciation is charged on pro-rata basis for assets Purchased / Sold during the year.

iii) Land (whetherfreehold or leasehold) is not depreciated.

5. BORROWING COSTS: -

Borrowing costs that are directly attributable to the production of qualifying assets (I.e. Commercial Complex) are capitalized, while the other borrowing costs are charged to Profit & Loss account.

6. INVESTMENTS: -

The long-term Investments are stated at cost. Temporary decline in the value of investment (if any) is not recognized

7. VALUATION OF INVENTORIES: -

I) Stores, Spares, Building Materials, Loose Tools are valued at cost.

Ii) Raw Materials are valued at cost.

Iii) Project Work in Progress is valued at cost plus estimated amount of Profit on the basis of Completion of work.

8. REVENUE RECOGNITION: -

Revenue from real estates is recognized on actual sale of blocks. Revenue from Construction Contracts is recognized on the basis of percentage of work completed.


Mar 31, 2000

1. Method of Accounting :

The company maintains its accounts on accrual basis subject to following the "Percentage of Completion Method" of accounting of Sales. As per this method, the revenue in the Profit & Loss account at the end of the accounting year is recognised in proportion to the actual cost incurred as against the total estimated cost of projects under execution with the company, subject of actual cost being atleast 25% of the entire estimated cost.

2. Fixed Assets :

Fixed assets are stated at cost less depreciation.

3. Depreciation :

i) Depreciation on fixed assets is provided on straight line basis applying the rates specified in schedule XIV of the Companies Act, 1956.

ii) Land (Whether free hold or lease hold) is not depreciated -

iii) Depreciation on additions during the year has been provided on pro rata basis with reference to the date of additions.

4. Investment :

Investments are stated at cost.

5. Gratuity :

Gratuity is provided for on cash basis.

 
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