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Accounting Policies of Mangalya Soft-Tech Ltd. Company

Mar 31, 2015

(i) Basis of Accounting :

The financial Statement are prepared on the basis of historical cost convention and in accordance with the normally accepted accounting principles.

(ii) Fixed Assets :

a) Fixed Assets are stated at cost of Acquisition less accumulated depreciation.

b) Depreciation on fixed Assets have been provided in accordance with the useful life of the Asset as prescribed in Schedule II of the Companies Act, 2013 except in certain Assets where depreiation provided at the rates and manner finds reasonable by the managment.

(iii) Income & Expenditure :

All Income & Expenditure items having material bearing on the financial statements are recognised on accrual basis.

(iv) Retirement Benifits :

Since none of the employees have completed the minimum specified period for eligibility under the payment of Gratuity Act, 1972 no provision for gratuity has been made.

(v) Investments :

Investments are considered as Long Term Investments unless and otherwise specified. Investments are valued at cost Dividend/lnterest on Investments are recognised on receipt basis.

(vi) Contingent Liabilities :

Contingent Liabilities are disclosed in the accounts by way of notes giving the nature and quantity of such liabilities.


Mar 31, 2014

(i) Basis of Accounting :

The financial Statement are prepared on the basis of historical cost convention and in accordance with the normally accepted accounting principles.

(ii) Fixed Assets:

a) Fixed Assets are stated at cost of Acquisition less accumulated depreciation.

b) Depreciation on fixed Assets have been provided in accordance with the rates and manner finds reasonable by the management.

(iii) Income & Expenditure :

All Income & Expenditure items having material bearing on the financial statements are recognised on accrual basis.

(iv) Retirement Benefits :

Since none of the employees have completed the minimum specified period for eligibility under the payment of Gratuity Act, 1972 no provision for gratuity has been made.

(v) Investments:

Investments are considered as Long Term Investments unless and otherwise specified. Investments are valued at cost Dividend/Interest on Investments are recognised on receipt basis.

(vi) Contingent Liabilities :

Contingent Liabilities are disclosed in the accounts by way of notes giving the nature and quantity of such liabilities.


Mar 31, 2013

(i) Basis of Accounting :

The financial Statement are prepared on the basis of historical cost convention and in accordance with the normally accepted accounting principles.

(ii) Fixed Assets:

a) Fixed Assets are stated at cost of Acquisition less accumulated depreciation.

b) Depreciation on fixed Assets have been provided in accordance with the rates and manner finds reasonable by the managment.

(iii) Income & Expenditure :

All Income & Expenditure items having material bearing on the financial statements are recognised on accrual basis.

(iv) Retirement Benifits :

Since none of the employees have completed the minimum specified period for eligibility under the payment of Gratuity Act, 1972 no provision for gratuity has been made.

(v) Investments:

Investments are considered as Long Term Investments unless and otherwise specified. Investments are valued at cost Dividend/Interest on Investments are recognised on receipt basis.

(vi) Contingent Liabilities :

Contingent Liabilities are disclosed in the accounts by way of notes giving the nature and quantity of such liabilities.


Mar 31, 2011

(i) Basis of Accounting :

The financial Statement are prepared on the basis of historical cost convention and in accordance with the normally accepted accounting principles.

(ii) Fixed Assets:

a) Fixed Assets are stated at cost of Acquisition less accumulated depreciation.

b) Depreciation on fixed Assets have been provided in accordance with the rates and manner finds reasonable by the management.

(iii) Income & Expenditure :

All Income & Expenditure items having material bearing on the financial statements are recognised on accrual basis.

(iv) Retirement Benefits : Since none of the employees have completed the minimum specified period for eligibility under the payment of Gratuity Act, 1972 no provision for gratuity has been made.

(v) Investments:

Investments are considered as Long Term Investments unless and otherwise specified. Investments are valued at cost Dividend/Interest on Investments are recognised on receipt basis.

(vi) Contingent Liabilities : Contingent Liabilities are disclosed in the accounts by way of notes giving the nature and quantity of such liabilities.


Mar 31, 2010

(i) Basis of Accounting :

The financial Statement are prepared on the basis of historical cost convention and in accordance with the normally accepted accounting principles.

(ii) Fixed Assets:

a) Fixed Assets are stated at cost of Acquisition less accumulated depreciation.

b) Deprecation on on fixed Assets have been provided on straight line method in accordance with the rates and manner finds reasonable by the managment.

(iii) Income & Expenditure ;

All Income & Expenditure items having material bearing on the financial statements are recognised on accrual basis.

(iv) Retirement Benifits: Since none of the employees have completed the minimum specified period tor eligibility under the payment of Gratuity Act. 1972 no provision for gratuity has been made.

(v) Investments: Investments are considered as Long Term Investments unless and otherwise specified. Investments are valued a: cost Dividenat interest on Investments are recognised on receipt basis.

(vi) Contingent Liabilities:

Conlingent Liabilities are dislosed in the accounts by way of notes giving the nature and quantity of such liabilities.

 
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