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

Accounting Policies of Parth Industries Ltd. Company

Mar 31, 2015

1. Basis of Accounting & Revenue Recognition:

a) The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under Section 211(3C) of the Companies Act, 1956 ("the 1956 Act") (which continues to be applicable in respect of Section 133 of the Companies Act, 2013("the 2013Act") in terms of General Circular 15/2013 Dated September 13, 2013 Act, as applicable.

b) The Company follows the mercantile system of accounting and recognizes income & expenditure on an accrual basis except those with significant uncertainties.

2. Fixed assets:

Fixed Assets are stated at cost of acquisition and inclusive of freight, taxes and incidental expenses related to acquisition of the said fixed assets.

3. Depreciation:

Depreciation on tangible assets is provided on the straight line method as per Schedule II of the Companies Act, 2013 over the useful lives of assets estimated by the Management.

4. Inventories:

Inventories are valued at the lower of the cost & estimated net realizable value.

5. Retirement benefits:

As per the Company's management, the Gratuity and Provident Fund are not provided in the books as the same is not applicable.

6. Provisions, Contingent Liabilities and Contingent Assets:

A provision is recognized if, as a result of a past event, the Company has a present legal obligation that is reasonably estimate, and it is probable that an outflow of economic benefit will be required to settle the obligation. Provisions are determined by the best estimate of the outflow of economic benefits required to settle the obligation at the reporting date. Where no reliable estimate can be made, a disclosure is made as contingent liability. A disclosure for contingent liability is also made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligations or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

7. Earnings Per Sharer-

Basic and diluted earnings per share are computed in accordance with Accounting Standard-20. Basic earnings per share is calculated by dividing the net profit or loss after tax for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. Diluted earnings per equity share are computed using the weighted average number of equity shares and dilutive potential equity shares outstanding during the year, except where the results are anti-dilutive.

8. Cash Flow Statement

Cash flow are reported using indirect method, whereby profit before tax is adjusted for the effects of the transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flow from operating, investing and financing activities of the Company is segregated.

9. Capital Issue Expenditure:

Company has write off Preliminary and Pre-operative expenses partially during the year.


Mar 31, 2014

The accounts have been prepared in accordance with the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and other applicable provisions of the other Laws.

(A) METHOD OF ACCOUNTING:

The Accounts of the Company are prepared under the Historical Cost Convention using the Mercantile Method of Accounting.

(B) FIXED ASSETS:

Company has no fixed Assets at the end of financial year hence question of its valuation does not arise.

(C) DEPRECIATION:

The question of providing Depreciation in absence of Fixed Assets does not arise.

(D) INVESTMENTS:

The investments are shown at cost and are inclusive of related expenses. Income from these deposit & Investment is accounted on Receipt basis from the available information.

(E) INVENTORY:

Company h as not done any Commercial activities during the year hence no details of Inventory is provided.

(F) RETIREMENT BENEFITS:

Gratuity and Provident Fund are not provided in the books since not applicable.

(G) CAPITAL ISSUE EXPENDITURE:

Company has not written off Preliminary and Pre-operative expenses during the year in absence of Commercial Activities or any Income.


Mar 31, 2012

The accounts have been prepared in accordance with the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and other applicable provisions of the other Laws.

(A) METHOD OF ACCOUNTING:

The Accounts of the Company are prepared under the Historical Cost Convention using the Mercantile Method of Accounting.

(B) FIXED ASSETS:

Company has no fixed Assets at the end of financial year hence question of its valuation does not arise.

(C) DEPRECIATION:

The question of providing Depreciation in absence of Fixed Assets does not arise.

(D) INVESTMENTS:

The investments are shown at cost and are inclusive of related expenses. Income from these deposit & Investment is accounted on Receipt basis from the available information.

(E) INVENTORY:

Company h as not done any Commercial activities during the year hence no details of Inventory is provided.

(F) RETIREMENT BENEFITS:

Gratuity and Provident Fund are not provided in the books since not applicable.

(G) CAPITAL ISSUE EXPENDITURE:

Company has not written off Preliminary and Pre-operative expenses during the year in absence of Commercial Activities or any Income.


Mar 31, 2010

The accounts have been prepared in accordance with the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India and other applicable provisions of the other Laws.

(A) METHOD OF ACCOUNTING:

The Accounts of the Company are prepared under the Historical Cost Convention using the Mercantile Method of Accounting.

(B) FIXED ASSETS:

Company has no fixed Assets at the end of Financial year hence question of its valuation does not arise.

(C) DEPRECIATION:

The question of providing Depreciation in absence of Fixed Assets does not arise.

(D) INVESTMENTS:

The investments are shown at cost and is inclusive of related expenses. Income from these deposit & Investment is accounted on Receipt basis from the available information.

(E) INVENTORY:

Company h as not done any Commercial activities during the year hence no details of Inventory is provided.

(F) RETIREMENT BENEFITS:

Gratuity and Provident Fund are not provided in the books since not applicable.

(I) CAPITAL ISSUE EXPENDITURE :

Company has not written off Preliminary and Pre-operative expenses during the year in absence of Commercial Activities or any Income.

 
Subscribe now to get personal finance updates in your inbox!