Home  »  Company  »  Multipurpose Trading  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Multipurpose Trading & Agencies Ltd. Company

Mar 31, 2014

I. SYSTEM OF ACCOUNTING

The Company adopts the Mercantile System of Accounting in the preparation of Accounts.

ii. FIXED ASSETS

There are no Fixed Assets in the Company.

iii. RECOGNITION OF INCOME & EXPENDITURE

Revenues/ incomes and Costs/ Expenditures are generally accounted for on accrual basis.

2. NOTES ON ACCOUNTS:-

i. In the opinion of the Board:-

a. The current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business.

b. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

ii. Deferred Tax Asset - NIL

iii. In absence of taxable profits, no provision for tax liability has been made.

iv. Related Party Discloser - Loans availed or Advances granted with the Following entities that are part of promoter group companies:

v. Auditors information pursuant to the part II of the Schedule - VI to the Companies Act, 1956 (as certified by the management and relied upon by the auditors) is as follows:-

Auditor''s remuneration

Details 2013-2014 2012-2013

Audit Fee 22,472 19,102

Other Matters

Total 22,472 19,102

vi. The company being a trading concern, quantitative information with regard to the licensed capacity, installed capacity and production of principle items manufactured are not applicable.

3. Previous year figures have been regrouped/ recast, wherever necessary.

4. Information pursuant to the provision of Part-ll of Schedule-VI of the Companies Act, 1956 should be read as Nil/ Not Applicable.


Mar 31, 2013

I. SYSTEM OF ACCOUNTING

The Company adopts the Mercantile System of Accounting in the preparation of Accounts.

ii. FIXED ASSETS

There are no Fixed Assets in the Company.

iii. RECOGNITION OF NCOME & EXPENDITURE

Revenues/ Incomes and Costs/ Expenditures are generally accounted for on accual basis.


Mar 31, 2012

I. SYSTEM OF ACCOUNTING

The Company adopts the Mercantile System of Accounting in the preparation of Accounts. ''

ii. FIXED ASSETS

There are no Fixed Assets in the Company.

iii. RECOGNITION OF INCOME & EXPENDITURE

Revenues/ Incomes and Costs/ Expenditures are generally accounted for on accrual basis.


Mar 31, 2010

I. SYSTEM OF ACCOUNTING

The Company adopts the Mercantile System of Accounting in the preparation of Accounts.

ii. FIXED ASSETS

Fixed Assets are stated at cost of Acquisition less depreciation determined on the written down value method at the rates specified in Schedule - XIVof the Companies Act, 1956. However, there are no Fixed Assets as at the end of the accounting period.

iii. RECOGNITION OF INCOME & EXPENDITURE

Revenues Incomes and Costs Expenditures are generally accounted for on accrual basis.

 
Subscribe now to get personal finance updates in your inbox!