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Accounting Policies of Palco Metals Ltd. Company

Mar 31, 2015

A. Method of accounting

The accounts are prepared on the historical cost basis adjusted by revaluation of fixed assets.

B. Fixed assets and Depreciation

The value of goodwill is shown at cost price. No depreciation is provided on the leasehold hand.

C. Inventory Valuation

a) Finished stock and work-in-process is valued at cost or estimated value whichever is less.

b) Raw materials, Stores and Loose tools are valued at cost.

c) Plant and machinery scrap is valued at estimated cost.

D. Income recognition and expenditure:

Sales are shown after providing for adjustment of trade discount and goods return. Income and expense are recognized on accrual basis.

E. Foreign currency transactions

All foreign currency transactions have been accounted at the rate prevailing on the date of the transaction. As per AS 11, all outstanding foreign currency transactions are valued at appropriate exchange rate prevalent on the close of financial year and any fluctuations are provided for in the Profit and Loss Account.

F. Taxes on income

Current tax is determined on the basis of the amount of tax payable on the taxable income for the year. Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, on timing differences between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.


Mar 31, 2014

A. Method of accounting

The accounts are prepared on the historical cost basis adjusted by revaluation of fixed assets.

B. Fixed assets and Depreciation

The value of goodwill is shown at cost price. No depreciation is provided on the leasehold hand. Depreciation is provided on written down value method as per Sec.205(2) of the Companies Act, 1956 at the rates and in the manner prescribed in the Schedule XIV of the Companies Act.

C. Income recognition and expenditure:

Sales are shown after providing for adjustment of trade discount and goods return. Income and expense are recognized on accrual basis.

D. Foreign currency transactions

All foreign currency transactions have been accounted at the rate prevailing on the date of the transaction. As per AS 11, all outstanding foreign currency transactions are valued at appropriate exchange rate prevalent on the close of financial year and any fluctuations are provided for in the Profit and Loss Account.

E. Taxes on income

Current tax is determined on the basis of the amount of tax payable on the taxable income for the year. Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, on timing differences between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.


Mar 31, 2013

A. Method of accounting

The accounts are prepared on the historical cost basis adjusted by revaluation of fixed assets.

B. Fixed assets and Depreciation

The value of goodwill is shown at cost price. No depreciation is provided on the leasehold hand. Depreciation is provided on written down value method as per Sec.205(2) of the Companies Act, 1956 at the rates and in the manner prescribed in the Schedule XIV of the Companies Act.

C. Inventory Valuation

a) Finished stock and work-in-process is valued at cost or estimated value whichever is less.

b) Raw materials, Stores and Loose tools are valued at cost.

c) Plant and machinery scrap is valued at estimated cost.

D. Income recognition and expenditure:

Sales are shown after providing for adjustment of trade discount and goods return. Income and expense are recognized on accrual basis.

E. Foreign currency transactions

All foreign currency transactions have been accounted at the rate prevailing on the date of the transaction. As per AS 11, all outstanding foreign currency transactions are valued at appropriate exchange rate prevalent on the close of financial year and any fluctuations are provided for in the Profit and Loss Account.

F. Taxes on income

Current tax is determined on the basis of the amount of tax payable on the taxable income for the year. Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, on timing differences between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.


Mar 31, 2011

1. Method of accounting

The accounts are prepared on the historical cost basis adjusted by revaluation of fixed assets.

2. Fixed assets and Depreciation

The value of goodwill is shown at cost price. No depreciation is provided on the leasehold hand. Depreciation is provided on written down value method as per Sec.205(2) of the Companies Act, 1956 at the rates and in the manner prescribed in the Schedule XIV of the Companies Act.

3. Inventory Valuation

a) Finished stock and work-in-process is valued at cost or estimated value whichever is less.

b) Raw materials, Stores and Loose tools are valued at cost.

c) Plant and machinery scrap is valued at estimated cost.

4. Sales

Sales are shown after providing for adjustment of trade discount and goods return.

5. Foreign currency transactions

All foreign currency transactions have been accounted at the rate prevailing on the date of the transaction. As per AS 11, all outstanding foreign currency transactions are valued at appropriate exchange rate prevalent on the close of financial year and any fluctuations are provided for in the Profit and Loss Account.

6. Taxes on income

Current tax is determined on the basis of the amount of tax payable on the taxable income for the year. Deferred tax is recognized, subject to the consideration of prudence in respect of deferred tax assets, on timing differences between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.


Mar 31, 2010

A. 1. Method of Accounting

The accounts are prepared on the historical cost basis adjusted by revaluation of fixed assets and on the accounting principles of a going concern.

2. Fixed Assets and Depreciation

Fixed Assets are stated at their original cost and adjusted by revaluation of fixed assets after deducting depreciation. The value of goodwill is shown at cost price.

Depreciation is provided on written down value method as per section 205(2) of the companies act, 1956 at the rates and in the manner prescribed in schedule XIV of the Companies Act, Depreciation on increase in value of fixed assets due to revaluation is computed on the basis of remaining useful life as estimated by the valuer on straight line method.

3. Inventory Valuation

(a) Finished Stocks and work in process is valued at cost or estimated value whichever is less.

(b) Raw Material, Stores and Loose Tools are valued at cost.

4. Sales

Sales are shown after deducting business kasar vatav and goods return.

5. Research and Development

The expenses incurred on research and development during the year is written off to revenue expenses during the same year.

6. Foreign Currency Transaction:

All foreign currency transaction have been accounted at the rate prevailing on the date of transaction. All outstanding foreign currency transactions are valued at the appropriate exchange rate at the close of the financial year. The loss or gain due to fluctuation of exchanges rates are charged to Profit and Loss Account.

7. Taxes on Income

Current tax is determined on the basis of the amount of tax payable on taxable income for the year. Deferred tax is recongnised, subject to the consideration of prudence in respect of deferred tax assets, on timing difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

 
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