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Accounting Policies of PH Trading Ltd. Company

Mar 31, 2014

A) All income & expenditures are accounted for on Accrual basis except Dividend which is accounted for on cash basis.

b) Investments

Long term investments are valued at cost Provision for diminution in the value of long term investments is made only if such a decline is other than temporary. Currentinvestments are valued at cost orMarket value whichever is lower.

c) Fixed Assets

Fixed Assetsare stated at cost less accumulated depreciation.

d) Depreciation:

Depreciation has been provided on all assets on written down value basis as per rates prescribed in Schedule XIV of the Companies Act, 1956. e) Inventories:

e) Inventories:

Inventories are valued at cost or Net realizable value whichever is lower. The cost is determined on the FIFO basis.

f) Employees Benefits:

i) Short-term employee benefits are recognised as an expense at the undiscounted amount in the statement of profit and loss fa the year in which the related service is render.

i) Post employment and other long term employee benefits are recognised as an expense in the statement of profit and loss for the year in which the employee has rendered services. The expense is recognised at the present value of the amount payable determined using actuarial valuation techniques. Actuarial Gain or Losses in respect of post employment and other long term benefits are charged to the statement of Profitand Loss.

g) Impairment of Assets:

An assets is treated as impaired when the carrying cost of assets exceeds is recoverable value. An impairment loss is charged to the statement of profit and loss in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount

h) Taxation:

Provision for current fax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act 1961. Deferred tax resulting from "timing differences" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the Balance Sheet date. The deferred tax assets is recognised and carried forward only to the extent that there is a virtual certainty that the asset will be realised infuture.

i) Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resouroes. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed on the financial statements.


Mar 31, 2011

1. All income & expenditures are accounted for on Accrual basis except Dividend, debenture interest, which are accounted for on cash basis.

2. Investments:

Long term investments are valued at cost. Provision for diminution in the value of long term investments is made only if such a decline is other than temporary. Current investments are valued at cost or Market value whichever is lower.

3. Fixed Assets

Fixed Assets are stated at, cost less accumulated depreciation.

4. Depreciation:

Depreciation has been provided on all assets on written down value basis as per rates prescribed in Schedule. XIV of the Companies Act, 1956.

5. Inventories:

Inventories are valued at cost or Net realizable value whichever is lower. The cost is determined on the FIFO basis.

6. Employees Benefits:

i) Short-term employee benefits are recognised as an expense at the undiscounted amount in the profit and loss account for the year in which the related service is render.

ii) Post employment and other long term employee benefits are recognised as an expense in the profit and loss account for the year in which the employee has rendered services. The expense is recognised at the present value of the amount payable determined using actuarial valuation techniques. Actuarial Gain or Losses in respect of post employment and other long term benefits are charged to Profit and Loss Account.

7. Sales and Purchases are stated in accounts at net of discount thereon.

8. Impairment of Assets :

An assets is treated as impaired when the carrying cost of assets exceeds is recoverable value. An impairment loss is charged to the profit and loss account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

9. Taxation:

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act. 1961. Deferred tax resulting from "timing differences" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the Balance Sheet date. The deferred tax assets is recognised and carried forward only to the extent that there is a virtual certainly that the asset will be realised in future.

10. Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed on the financial statements.


Mar 31, 2010

1. All income & expenditures are accounted for on Accrual basis except Dividend, debenture interest, which are accounted for on cash basis.

2. Investments:

Long term investments are valued at cost. Provision for diminution in the value of long term invest- ments is made only if such a decline is other than temporary. Current investments are valued at cost or Market value whichever is lower.

3. Fixed Assets

Fixed Assets are stated at, cost less accumulated depreciation.

4. Depreciation:

Depreciation has been provided on all assets on written down value basis as per rates prescribed in Schedule. XIV of the Companies Act, 1956.

5. Inventories:

Inventories are valued at cost or Net realizable value whichever is lower. The cost is datermined on the FIFO basis.

6. Employees Benefits:

i) Short-term employee benefits are recognised as an expense at the undiscounted amount in the profit and loss account for the year in which the related service is render.

ii) Post employment and other long term employee benefits are recognised as an expense in the profit and loss account for the year in which the employee has rendered services. The expense is recognised at the present value of the amount payable determined using actuarial valuation techniques. Actuarial Gain or Losses in respect of post employment and other long term benefits are charged to Profit and Loss Account.

7. Sales and Purchases are stated in accounts at net of discount thereon.

8. Impairment of Assets :

An assets is treated as impaired when the carrying cost of assets exceeds is recoverable value. An impairment loss is charged to the profit and loss account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

9. Taxation:

Provision for current tax is made after taking into consideration benefits admissible under the provi- sions of the Income Tax Act. 1961. Deferred tax resulting from "timing differences" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the Balance Sheet date. The deferred tax assets is recognised and carried forward only to the extent that there is a virtual certainly that the asset will be realised in future.

10. Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognised but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed on the financial statements.


Mar 31, 2009

1. All income & expenditures are accounted for an Accrual basis except Dividend, debenture interest, which are accounted for on cash basis.

2. Investments:

Long term investments are valued at cost. Provision for diminution in the value of long term invest- ments is made only if such a decline is other than temporary. Current investments are valued at cost or Market value whichever is lower.

3. Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation.

4. Depreciation:

Depreciation has been provided on all assets on written down value basis as per rates prescribed in Schedule XIV of the Companies Act, 1956.

5. Inventories:

Inventories are valued at cost or Net realizable value whichever is lower. The cost is datermined on the FIFO basis.

6. Employees Benefits:

i) Short-term employee benefits are recognised as an expense at the undiscounted amount in the profit and loss account for the year in which the related service is render.

ii) Post employment and other long term employee benefits are recognised as an expense in the profit and loss account for the year in which the employee has rendered services. The expense is recognised at the present value of the amount payable determined using actuarial valuation techniques. Actuarial Gain or Losses in respect of post employment and other long term benefits are charged to Profit and Loss Account.

7. Sales and Purchases are stated in accounts at net of discount thereon.

8. Impairment of Assets :

An assets is treated as impaired when the carrying cost of assets exceeds is recoverable value. An impairment loss is charged to the profit and loss account in the year in which an asset is identified as impaired. The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount

9. Taxation:

Provision for current tax is made after taking into consideration benefits admissible under the provi- sions of the Income Tax Act. 1961. Deferred tax resulting from "timing differences" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the Balance Sheet date. The deferred tax assets is recognised and carried forward only to the extent that there is a virtual certainly that the asset will be realised in future.

10. Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are no recognised but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed on the financial statements.

 
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