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Accounting Policies of Pacheli Industrial Finance Ltd. Company

Mar 31, 2015

1. The accounts are prepared in accordance with historical cost convention and mercantile system of Accounting is followed.

AS-9 Revenue Recognition

2. With respect to Income, Interest Income is provided on accrual basis.

AS-13 Accounting for Investments

3. Investments are valued as per AS-13 issued by ICAI.

AS-17 Segment Reporting

4. The company does not have any reportable geographical or business segment. Hence AS-17 is not applicable.

AS-17 Related Party

5. The company had taken loans from the following related parties:

* Pushpa Devi Dhoot

* Padam chand Dhoot


Mar 31, 2014

1. BASIS OF ACCOUNTING:

The financial statement has been prepared under the historical cost convention principles and provision of Companies Act, 1956 as consistently adopted by the company.

2. FIXED ASSETS:-

Fixed Assets(if any) are shown at historical cost. Intangible assets ai recorded at their cost of acquisition. Capital expenditure on assets by the company is reflected as a distinct item in Capital Work-in Progress till the period of completion and thereafter in the Fixed Assets.

3. INVESTMENTS:

Current Investments(if any) are valued at lower of cost and fair value determined on an individual basis. Long term investments are carried at cost. Provision is made for diminution, other than temporary, in the value of such investment. Premium paid on long term investments is amortized over the period remaining to maturity.

4. INCOME RECOGNITION

Dividend is recognized on the basis of receipt and other revenues are recorded on the basis of accrual basis.

5. DEPRECIATION:

Depreciation (any) is charged on SLM method at the rates specified in Schedule XIV of the Companies Assets costing up to Rs.5000/- are fully depreciated in the year of capitalization.

6. CONTINGENT LIABILITIES:

There are no Contingent liabilities as perceive by the management.

7. TAXATION:

Deferred Taxation: The Company has accounted for deferred tax in accordance with accounting standard-22"Accounting for Taxes on Income" issued by The council of the Institute of Chartered Accountants of India.


Mar 31, 2013

1. BASIS OF ACCOUNTING:

The financial statement has been prepared under the historical cost convention principles and provision of Companies Act, 1956 as consistently adopted by the company.

2. FIXED ASSETS:-

Fixed Assets(if any) are shown at historical cost. Intangible assets are recorded at their cost of acquisition. Capital expenditure on assets by the company is reflected as a distinct item in Capital Work-in Progress till the period of completion and thereafter in the Fixed Assets.

3. INVESTMENTS:

Current Investments(if any) are valued at lower of cost and fair value determined on an individual basis. Long term investments are carried at cost. Provision is made for diminution, other than temporary, in the value of such investment. Premium paid on long term investments is amortized over tire period remaining to maturity.

4. INCOME RECOGNITION

Dividend is recognized on the basis of receipt and other revalues are recorded on the basis of accrual basis.

5. DEPRICATION:

Depreciation (if any) is charged on SLM method at the rates specified in Schedule XIV of the Companies Assets costing up to Rs.5000/- are fully depreciated in the year of capitalization.

6. CONTIGENT LIABILITIES:

There are no Contingent liabilities as perceive by the management.

7. TAXATION:

Deferred Taxation: The Company has accounted for deferred tax in accordance with accounting standard-22"Accounting for Taxes on Income" issued by The council of the Institute of Chartered Accountants of India.


Mar 31, 2012

1. BASIS OF ACCOUNTING:

The financial statement has been prepared under the historical cost convention principles and provision of Companies Act, 1956 as consistently adopted by the company.

2. FIXED ASSETS:-

Fixed Assets(if any) are shown at historical cost. Intangible assets are recorded at their cost of acquisition. Capital expenditure on assets by the company is reflected as a distinct item in Capital Work-in Progress till the period of completion and thereafter in the Fixed Assets.

3. INVESTMENTS:

Current Investments(if any) are valued at lower of cost and fair value determined on an individual basis. Long term investments are carried at cost. Provision is made for diminution, other than temporary, in the value of such investment. Premium paid on long term investments is amortized over the period remaining to maturity.

4. INCOME RECOGNITION

Dividend is recognized on the basis of receipt and other revenues are recorded on the basis of accrual basis.

5. DEPRICATION:

Depreciation(if any) is charged on SLM method at the rates specified in Schedule XIV of the Companies Assets costing up to Rs.5000/- are fully depreciated in the year of capitalization.

6. CONTIGENT LIABILITIES:

There are no Contingent liabilities as perceive by the management.

7. TAXATION:

Deferred Taxation: The Company has accounted for deferred tax in accordance with accounting standard-22"Accounting for Taxes on Income" issued by The council of the Institute of Chartered Accountants of India.


Mar 31, 2010

1. BASIS OF ACCOUNTING:

The financial statement has been prepared under the historical cost convention principles and provision of Companies Act, 1956 as consistently adopted by the company.

2. FIXED ASSETS:-

Fixed Assets are shown at historical cost. Intangible assets are recorded at their cost of acquisition. Capital expenditure on assets by the company is reflected as a distinct item in Capital Work-in Progress till the period of completion and thereafter in the Fixed Assets.

3. INVESTMENTS:

Current Investments are valued at lower of cost and fair value determined on an individual basis. Long term investments are carried at cost. Provision is made for diminution, other than temporary, in the value of such investment. Premium paid on long term investments is amortized over the period remaining to maturity.

4. INCOME RECOGNITION

Dividend is recognized on the basis of receipt and other revenues are recorded on the basis of accrual basis.

5. DEPRICATION:

Depreciation is charged on SLM method at the rates specified in Schedule XIV of the Companies Assets costing up to Rs.5000/- are fully depreciated in the year of capitalization.

6. MISCELLANEOUS EXPENDITURE:

Preliminary, Pre Operative and Expenses related to Public issue are to be amortized over a period often years.

 
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