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Accounting Policies of Narbada Gems & Jewellery Ltd. Company

Mar 31, 2014

1. Basis of preparation of Accounts:

The financial statements have been prepared on the basis Of going concern, under the historic cost convention, to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

2. System of Accounting:

The Company follows the mercantile system of accounting and recognises income and expenditure on accrual basis

3. Fixed Assets:

Fixed Assets are stated at cost of acquisition plus additions/alterations/installation charges.

4. Depreciation:

Depreciation on Fixed Assets is charged on Written Down Value Method as per the rates prescribed in Schedule-XIV to the Companies Act, 1956.

5. Investments:

Investments are stated at cost.

6. Sales:

Sales are exclusive of the sales tax collection and are net of return.

7. Inventories:

nventorios are valued at lower of cost or net realisable value

8. Account for claims:

Claims receivable are accounted on acceptance/receipt.

9. Prior period Adjustments:

Income and Expenditure relating to prior period upto Rs.5OOO/- in each case is accounted under natural heads of account.


Mar 31, 2013

1. Basis of preparation of Accounts:

The financial statements have been prepared on the basis of going concern, under the historic cost convention, to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

2. System of Accounting:

The Company follows the mercantile system of accounting and recognises income and expenditure on accrual basis.

3. Fixed Assets:

Fixed Assets are stated at cost of acquisition plus additions/alterations/installation charges.

4. Depreciation:

Depreciation on Fixed Assets is charged on Written Down Value Method as per the rates prescribed in Schedule-XIV to the Companies Act, 1956.

5. Investments:

Investments are stated at cost.

6. Sales:

Sales are exclusive of the sales tax collection and are net of return.

7. Inventories:

Inventories are valued at lower of cost or net realisable value

8. Account for claims:

Claims receivable are accounted on acceptance/receipt.

9. Prior period Adjustments:

Income and Expenditure relating to prior period upto Rs.5000/- in each case is accounted under natural heads of account.


Mar 31, 2012

1. Basis of preparation of Accounts:

The financial statements have been prepared on the basis of going concern, under the historic cost convention, to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

2. System of Accounting:

The Company follows the mercantile system of accounting and recognises income and expenditure on accrual basis.

3. Fixed Assets:

Fixed Assets are stated at cost of acquisition plus additions/alterations/installation charges.

4. Depreciation:

Depreciation on Fixed Assets is charged on Written Down Value Method as per the rates prescribed in Schedule-XIV to the Companies Act, 1956.

5. Investments:

Investments. .are staled at cost

6. Sales:

Sales are exclusive of the sales tax collection and are net of return.

7.Inventories:

Inventories are valued at lower of cost or net realisable value

8.Account for claims:

Claims receivable are accounted on acceptance/receipt.

9.Prior period Adjustments:

Income and Expenditure relating to prior period upto Rs.5000/- in each case is accounted under natural heads of account.


Mar 31, 2010

1. Fixed Assets:

Fixed Assets are stated at cost of acquisition or construction, less depreciation.

2. Depreciation:

Depreciation is charged on Written Down Value Method as per rates prescribed in Schedule-XIV of the Companies Act, 1956.

3. Investments:

Investments are stated at cost.

4. Sales:

Sales is exclusive of the sales tax collection and is net of return.

5. Inventories:

Inventories are valued at lower of cost or net realisable value.

6. Account for Claims:

Claims receivable are accounted on acceptance/receipt.

7. Prior Period Adjustments:

Income and Expenditure relating to prior period upto Rs.5,000/- in each case is accounted under natural heads of account.

 
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