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Accounting Policies of Mahavir Advanced Remedies Ltd. Company

Mar 31, 2014

1.1 Basis of Preparation of Financial Statements

Financial Statements have been prepared under the historical cost convention and in accordance with the provisions of Companies Act, 1956. Accounting Policies not referred to otherwise are consistent and are in accordance with the generally accepted accounting Principles in India.

1.2 Use of Estimates

The preparation of Financial Statements are in confirmity with generally accepted accounting principles requires estimates and assumptions to be made to that effect the reported amount of Assets and Liabilities on the date of financial statements and the reported amount of revenue and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known/materialized.

1.3 Fixed Assets

There is no Fixed Assets in the Company

1.4 Depreciation

Since there is no Fixed assets. Hence, Depreciation is N.A

1.5 Investments

Investments which are readily realisable and intended to be held for less than one year are classified as Current Investments. All other Investments are classified as long term investments. Current Investments are carried at lower of cost and fair value determined on an individual investment basis. Long Term investments are carried at cost. Provision for diminution in the value of long tem investments is made only if such a decline is other than temporary in nature in the opinion of the management.

1.6 Inventories

Stock-in-trade has been valued at cost or market price which ever is lower.

1.7 Taxes on Income

No Provision for Taxation has been provided during the year and accordingly the policies are deviation from the Accounting Standards

1.8 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an out folow of resources. Contingent Liabilities are not recognized but are disclosed in the Notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

1.9 Revenue Recognition

Items of Income and Expenditure are recognized and accounted for on Accrual basis.

1.10 Contingent Liability, if any, are disclosed by way of Notes.


Mar 31, 2013

1.1 Basis of Preparation of Financial Statements

Financial Statements have been prepared under the historical cost convention and in accordance with the provisions of Companies Act, 1956. Accounting Policies not referred to otherwise are consistent and are in accordance with the generally accepted accounting Principles in India.

1.2 Use of Estimates

The preparation of Financial Statements are in confirmity with generally accepted accounting principles requires estimates and assumptions to be made to that effect the reported amount of Assets and Liabilities on the date of financial statements and the reported amount of revenue and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known/materialized.

1.3 Fixed Assets

There was no Fixed Asssets with the Company during financial year 2012-13.

1.4 Depreciation

There was no Fixed Asssets with the Company during financial year 2012-13, thus details about Depreciation is not applicable to the Company.

1.5 Investments

Investments which are readily realisable and intended to be held for less than one year are classified as Current Investments. All other Investments are classified as long term investments. Current Investments are carried at lower of cost and fair value determined on an individual investment basis. Long Term investments are carried at cost. Provision for diminution in the value of long tem investments is made only if such a decline is other than temporary in nature in the opinion of the management.

1.6 Inventories

Stock-in-trade has been valued at cost or market price which ever is lower.

1.7 Taxes on Income

No Provision for Taxation has been provided during the year and accordingly the policies are deviation from the Accounting Standards

1.8 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outfolow of resources. Contingent Liabilities are not recognized but are disclosed in the Notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

1.9 Revenue Recognition

Items of Income and Expenditure are recognized and accounted for on Accrual basis.

1.10 Contingent Liability, if any, are disclosed by way of Notes.


Mar 31, 2012

1.1 Basis of Preparation of Financial Statements

Financial Statements have been prepared under the historical cost convention and in accordance with the provisions of Companies Act, 1956. Accounting Policies not referred to otherwise are consistent and are in accordance with the generally accepted accounting Principles in India.

1.2 Use of Estimates

The preparation of Financial Statements are in confirmity with generally accepted accounting principles requires estimates and assumptions to be made to that effect the reported amount of Assets and Liabilities on the date of financial statements and the reported amount of revenue and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known/materialized.

1.3 Fixed Assets

All the Fixed Assets has been sold during the year. Total Asset WDV of Rs. 44,70,308 /- has realised an amount of Rs. 11,03,719 /- and the balance of Rs. 33,66,589/- has been written off in the Profit & Loss A/c

1.4 Depreciation

Since all the Fixed assets has been sold during the year. Hence, Depreciation is N.A

1.5 Investments

Investments which are readily realisable and intended to be held for less than one year are classified as Current Investments. All other Investments are classified as long term investments. Current Investments are carried at lower of cost and fair value determined on an individual investment basis. Long Term investments are carried at cost. Provision for diminution in the value of long tem investments is made only if such a decline is other than temporary in nature in the opinion of the management.

1.6 Inventories

Stock-in-trade has been valued at cost or market price which ever is lower.

1.7 Taxes on Income

No Provision for Taxation has been provided during the year and accordingly the policies are deviation from the Accounting Standards

1.8 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outfolow of resources. Contingent Liabilities are not recognized but are disclosed in the Notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

1.9 Revenue Recognition

Items of Income and Expenditure are recognized and accounted for on Accrual basis.

1.10 Contingent Liability, if any, are disclosed by way of Notes.

 
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