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Accounting Policies of Mayur Floorings Ltd. Company

Mar 31, 2015

A) Accounting Convention :

The financial statements are prepared under historical cost convention in accordance with applicable mandatory cost convention Accounting Standards and relevant presentational requirements of the Companies Act, 2013.

b) Fixed Assets and Depreciations :

Fixed Assets are stated at cost less accumulated depreciations. Cost of acquisitions is inclusive of all incidental expenses for the purpose of acquiring Fixed Assets up to the date of installations. Depreciations have been provided on Fixed Assets on Straight Line Method in the manner and on the basis of useful lives prescribed in Schedule ii to the companies act 2013.

c) Inventories :

i) Raw Material, Stores and Spares, Consumable are valued at Cost.

ii) Work in progress valued at estimated cost.

iii) Finished Goods, Scraps are valued at cost or realizable value, whichever is lower.

d) Sales :

Sales are net of all levies and duties and are recognized on dispatches to the parties.

e) Revenue Recognitions:

Income and expenditure's on investments, interest on bills, FDR's are recorded on receipt basis.

f) Retirement Benefits :

No provisions for retirement benefits of Gratuity have been made for the period of service of employee's during the year under consideration.


Mar 31, 2014

A) Accounting Convention:

The financial statements are prepared under historical cost convention in accordance with applicable mandatory cost convention Accounting Standards and relevant presentational requirements of the Companies Act, 1956.

b) Fixed Assets and Depreciations :

Fixed Assets are stated at cost less accumulated depreciations. Cost of acquisitions is inclusive of all incidental expenses for the purpose of acquiring Fixed Assets up to the date of installations. Depreciations have been provided on Fixed Assets on Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956 on pro-rata basis.

c) Inventories:

i) Raw Material, Stores and Spares, Consumable are valued at Cost.

ii) Work in progress valued at estimated cost.

iii) Finished Goods, Scraps are valued at cost or realizable value, whichever is lower.

d) Sales:

Sales are net of all levies and duties and are recognized on dispatches to the parties. -

e) Revenue Recognitions:

Income and expenditure's on investments, interest on bills, FDR's are recorded on receipt basis.

f) Retirement Benefits:

No provisions for retirement benefits of Gratuity have been made for the period of service of employee's during the year under consideration.


Mar 31, 2011

A) Accounting Convention:

The financial statements are prepared under historical cost convention in accordance with applicable mandatory cost convention Accounting Standards and relevant presentational requirements of the Companies Act, 1956.

b) Fixed Assets and Depreciations :

Fixed Assets are stated at cost less accumulated depreciations. Cost of acquisitions is inclusive of all incidental expenses for the purpose of acquiring Fixed Assets up to the date of installations. Depreciations have been provided on Fixed Assets on Straight Line Method at the rates prescribed in Schedule XIV of the Companies Act, 1956 on pro-rata basis.

c) Inventories:

i) Raw Material, Stores and Spares, Consumable are valued at Cost.

ii) Work in progress valued at estimated cost.

iii) Finished Goods, Scraps are valued at cost or realizable value, whichever is lower.

d) Sales:

Sales are net of all levies and duties and are recognized on dispatches to the parties.

e) Revenue Recognitions:

Income and expenditure's on investments, interest on bills, FDR's are recorded on receipt basis.

f) Retirement Benefits:

No provisions for retirement benefits of Gratuity have been made for the period of service of employee's during the year under consideration.

 
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