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Accounting Policies of MYM Technologies Ltd. Company
Jun 30, 2010
A) Accounting Assumptions:
The accounts have been prepared under the historical cost convention on
the basis of a going concern with revenue recognized and expenses
accounts on their accrual including provision/adjustments for committed
obligation and amount determined as payable or received during the
year.
b) Fixed Assets:
i) Fixed assets are stated at historical cost of acquisition, which is
inclusive of freight, installation, duties and other incidental
expenses.
ii) Depreciation is provided on the basis of straight line method at
the rates provide in schedule XIV of the Companies Act, 1956.
c) Inventories: Inventory valued at lower of cost or market value.
Jun 30, 2009
A) Accounting Assumptions:
The accounts have been prepared under the historical cost convention on
the basis of a going concern with revenue recognized and expenses
accounts on their accrual including provision/adjustments for committed
obligation and amount determined as payable or received during the
year.
b) Fixed Assets:
i) fixed assets are stated at historical cost of acquisition , which
is inclusive of freight, installation, duties and other incidental
expenses.
ii) Depreciation is provided on the basis of straight line method at
the rates provide in schedule XIV of the Companies Act, 1956.
c) Inventories:
No Inventories.
d) Miscellaneous Expenditure:
Preliminary and share issued expenses are amortized over period of ten
years.