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Accounting Policies of Pazel International Ltd. Company

Mar 31, 2015

(i) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.

The financial statements have been prepared under the historical cost convention, in accordance with Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 2013, as adopted consistently by the company. All income and expenditure having a material bearing on the financial statements are recognized on accrual basis.

(ii) REVENUE RECOGNITION.

The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties.

(iii) FIXED ASSETS AND DEPRECIATION.

Fixed Assets are value at cost less depreciation. The depreciation has been calculated as prescribed in Companies Act, 2013 on single shift and if the Asset is purchased during the year depreciation is provided on the days of utilization in that year.


Mar 31, 2014

(i) BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.

The financial statements have been prepared under the historical cost convention, in accordance with Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956, as adopted consistently by the company. All income and expenditure having a material bearing on the financial statements are recognized on accrual basis.

(ii) REVENUE RECOGNITION.

The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties.

(iii) FIXED ASSETS AND DEPRECIATION.

The Company has no any Fixed Assets during the Financial Year.

2. CHANGE IN SIGNIFICANT ACCOUNTING POLICIES

(i) INVENTORY

Company has converted its investments into stock in trade. Company relies on its own valuations systems. Records have been verified and certified by management.


Mar 31, 2013

1. Basis of Preparation:

The financial statements have been prepared under the historical cost convention and materially comply with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956. All income and expenditure having material bearing on the financial statements have been recognized on the accrual basis.

2. Use of Estimates:

The preparation of financial statement are in conformity with generally accepted accounting principals which requires management to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent liabilities at on the date of financial statements and the results of operation during the reporting period end. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates.

3. Accounting of Income/Expenditure:

All income and expenditure items having a material bearing on the financial statements are recognised on accrual basis except in the case of dividend incomes, debenture interest and interest receivable from/payable to government on tax refunds/late payment of taxes, duties/levies which are accounted for on cash basis.

4. Fixed Assets/Depreciation:

i. Fixed assets are shown at historical cost inclusive of incidental expenses less accumulated depreciation.

ii. Depreciation on fixed assets is provided on Straight Line Method at the rates prescribed under Schedule XIV of the companies Act, 1956.

iii. Depreciation on fixed Assets or sold during the year, is provided on pro-rata basis with reference to the date of addition/deletion.

5. Taxation:

Provision for income tax has been made in accordance with normal provisions of Income Tax, 1961. The deferred tax for timing differences between the book and tax profits for the year is accounted for, using tax rates and laws that have been substantively enacted as of the balance sheet date.

6. Impairment of assets

The carrying amounts of assets are viewed at each Balance Sheet date if there is any indication of impairment based on internal / external factors. An asset is impaired when the carrying amount of the asset exceeds the recoverable amount. An impairment loss is charged to the Profit & Loss Account in the year in which an asset is identified as impaired. An impairment loss recognized in prior accounting periods is reversed if there has been change in the estimate of the recoverable amount.

7. Earning per Share

Basic earning per share are calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average, No of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders by the weighted average, No of equity shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

8. Retirement Benefit

No provision has been made for gratuity and leave encashment as no liability arises on the date of Balance Sheet because provision of this acts are not applicable.


Mar 31, 2012

1. Basis of Preparation:

The financial statements have been prepared under the historical cost convention and materially comply with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956. All income and expenditure having material bearing on the financial statements have been recognized on the accrual basis.

2. Use of Estimates:

The preparation of financial statement are in conformity with generally accepted accounting principals which requires management to make estimates and assumptions that effect the reported amounts of assets and liabilities and disclosure of contingent liabilities at on the date of financial statements and the results of operation during the reporting period end. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates.

3. Accounting of Income/Expenditure:

All income and expenditure items having a material bearing on the financial statements are recognised on accrual basis except in the case of dividend incomes, debenture interest and interest receivable from/payable to government on tax refunds/late payment of taxes, duties/levies which are accounted for on cash basis.

4. Fixed Assets/Depreciation:

i. Fixed assets are shown at historical cost inclusive of incidental expenses less accumulated depreciation.

ii. Depreciation on fixed assets is provided on Straight Line Method at the rates prescribed under Schedule XIV of the companies Act, 1956.

iii. Depreciation on fixed Assets or sold during the year, is provided on pro-rata basis with reference to the date of addition/deletion.

5. Taxation:

Provision for income tax has been made in accordance with normal provisions of Income Tax, 1961. The deferred tax for timing differenced between the book and tax profits for the year is accounted for, using tax rates and laws that have been substantively enacted as of the balance sheet date.

6. Impairment of assets

The carrying amounts of assets are viewed at each Balance Sheet date if there is any indication of impairment based on internal / external factors. An asset is impaired when the carrying amount of the asset exceeds the recoverable amount. An impairment loss is charged to the Profit & Loss Account in the year in which an asset is identified as impaired. An impairment loss recognized in prior accounting periods is reversed if there has been change in the estimate of the recoverable amount.

7. Earning per Share

Basic earning per share are calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average, No of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders by the weighted average, No of equity shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.


Mar 31, 2010

SYSTEM OF ACCOUNTING:-

The Company follows mercantile System of accounting and recognize income & expenditure on accrual basis. The financial statement is based on historical cost. These cost are not adjusted to reflect the impact of the changing values in the purchasing power of money. Accounting policies not specially referred to otherwise are consistent and consonance with generally accepted accounting principles.


Mar 31, 2009

SYSTEM OF ACCOUNTING:-

The Company follows mercantile System of accounting and recognize income & expenditure on accrual basis. The financial statement is based on historical cost. These cost are not adjusted to reflect the impact of the changing values in the purchasing power of money. Accounting policies not specially referred to otherwise are consistent and consonance with generally accepted accounting principles.

 
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