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Accounting Policies of Poona Dal & Oil Industries Ltd. Company

Mar 31, 2015

The significant accounting policies adopted, and which have been consistently followed, are as follows :

a) Basis of preparation: - The financial statements are presented in INR and prepared using historical cost and in accordance with accounting standards generally accepted in India. (GAAP)

b) Method of Accounting: - Company follows mercantile system of accounting.

c) Fixed Assets: - Fixed Assets are stated at cost less accumulated depreciation. The cost comprises of basic price, Excise Duty and any attributable cost for bringing the asset to the working condition for its intended use.

d) Depreciation: - Depreciation on Fixed Assets has been provided on WDV method on the basis of remaining useful life of the assets in the manner specified in schedule II of the Companies Act, 2013. Due to this reserve has been hit by INR 205,926/- e) Inventories: - Finished Goods are stated at the lower of cost and net realizable value. Cost comprises of direct materials, and other attributable overheads. Net realizable value is based on estimated selling prices. Raw material, packing material and baggasse are valued at cost. Cost is arrived at using the First-In, First-Out (FIFO) method and comprises invoice value plus applicable landing charges less discounts.

f) Staff end-of-service gratuity: - Staff end-of-service gratuity is accounted on payment basis.

g) Revenue

i) Sale of goods: - Revenue represents the amount invoiced, net of discounts and returns, for goods delivered during the year.

ii) Interest income: - Interest income is recognised on an accrual basis using the effective interest method, when it is probable that the economic benefits will flow to the company and the interest can be measured reliably.

iii) Godown Rent :- Godown Rent Income is recognised on an accrual basis, when it is probable that the economic benefits will flow to the company and the Rent has been accounted when it became realisable.

h) Leases: - Leases under which substantially all the risks and rewards of ownership of the related asset remain with the lessor are classified as operating leases and the lease payments are charged to profit and loss.

i) Foreign currency transactions: - Transactions in foreign currencies are translated into INR at the rate of exchange ruling on the date of the transactions. Gains or losses resulting from foreign currency transactions have been considered at the time of preparing financial statements.

j) Cash and cash equivalents: - Cash and cash equivalents comprise cash, bank current accounts and bank deposits free of encumbrance with a maturity date of twelve months or less, from the date of deposit except dividend accounts balances.

l) Estimated amount of Contracts remaining to be executed on Capital account is not determinable; however capitalised as WIP (Plant & Machinery) amounting to INR 13,53,342 (Previous year NIL).


Mar 31, 2014

The significant accounting policies adopted, and which have been consistently followed, are as follows :

a) Basis of preparation: - The financial statements are presented in INR and prepared using historical cost and in accordance with accounting standards generally accepted in India. (GAAP)

b) Method of Accounting: - Company follows mercantile system of accounting.

c) Fixed Assets: - Fixed Assets are stated at cost less accumulated depreciation. The cost comprises of basic price, Excise Duty and any attributable cost for bringing the asset to the working condition for its intended use.

d) Depreciation: - Depreciation on Fixed Assets has been provided on WDV method at the rates and in the manner specified in schedule XIV of the Companies Act, 1956.

e) Inventories: - Finished Goods are stated at the lower of cost and net realizable value. Cost comprises of direct materials, and other attributable overheads. Net realizable value is based on estimated selling prices. Raw material, packing material and baggasse are valued at cost. Cost is arrived at using the First-In, First-Out (FIFO) method and comprises invoice value plus applicable landing charges less discounts.

f) Staff end-of-service gratuity: - Staff end-of-service gratuity is accounted on payment basis.

g) Revenue

i) Sale of goods: - Revenue represents the amount invoiced, net of discounts and returns, for goods delivered during the year.

ii) Interest income: - Interest income is recognised on an accrual basis using the effective interest method, when it is probable that the economic benefits will flow to the company and the interest can be measured reliably.

h) Leases: - Leases under which substantially all the risks and rewards of ownership of the related asset remain with the lessor are classified as operating leases and the lease payments are charged to profit and loss.

i) Foreign currency transactions: - Transactions in foreign currencies are translated into INR at the rate of exchange ruling on the date of the transactions. Gains or losses resulting from foreign currency transactions have been considered at the time of preparing financial statements.

j) Cash and cash equivalents: - Cash and cash equivalents comprise cash, bank current accounts, and bank deposits free of encumbrance with a maturity date of twelve months or less, from the date of deposit except dividend accounts balances.

l) Estimated amount of Contracts remaining to be executed on Capital account and provided for – NIL (Previous year NIL)


Mar 31, 2013

The significant accounting policies adopted, and which have been consistently followed, are as follows:

a) Basis of preparation - The financial statements are presented in INR and prepared using historical cost and in accordance with accounting standards generally accepted in India. (GAAP)

b) Method of Accounting - Company follows mercantile system of accounting.

c) Fixed Assets - Fixed Assets are stated at cost less accumulated depreciation. The cost comprises of basic price, Excise Duty and any attributable cost for bringing the asset to the working condition for its intended use.

During the year company has disposed off Plant and machinery & Air conditioners situated at Chakan Unit along with Truck due to non operation of Chakan Unit remaining block of fixed assets has been transferred to Kurkumbh unit at its gross block.

d) Depreciation - Depreciation on Fixed Assets has been provided on WDV method at the rates and in the manner specified in schedule XIV of the Companies Act, 1956.

e) Inventories - Finished Goods are stated at the lower of cost and net realizable value. Cost comprises of direct materials, and other attributable overheads. Net realizable value is based on estimated selling prices.

Raw material and packing material are valued at cost. Cost is arrived at using the First-In, First-Out (FIFO) method and comprises invoice value plus applicable landing charges less discounts.

f) Staff end-of-service gratuity - Staff end-of-service gratuity is accounted on payment basis.

g) Revenue

i) Sale of goods - Revenue represents the amount invoiced, net of discounts and returns, for goods delivered during the year.

ii) Interest income - Interest income is recognised on an accrual basis using the effective interest method, when it is probable that the economic benefits will flow to the company and the interest can be measured reliably.

h) Leases - Leases under which substantially all the risks and rewards of ownership of the related asset remain with the lessor are classified as operating leases and the lease payments are charged to profit and loss.

i) Foreign currency transactions - Transactions in foreign currencies are translated into INR at the rate of exchange ruling on the date of the transactions.

Gains or losses resulting from foreign currency transactions have been considered at the time of preparing financial statements.

j) Cash and cash equivalents - Cash and cash equivalents comprise cash, bank current accounts, and bank deposits free of encumbrance with a maturity date of twelve months or less, from the date of deposit except dividend accounts balances.


Mar 31, 2010

1.1 FIXED ASSETS : Gross Block of Fixed Assets are stated at cost. Cost comprise the basic price, Excise Duty and any attributable cost for bringing the asset to its working condition for its intended use.

1.2 DEPRECIATION : Depreciation on Fixed Assets has been provided on WDV method at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956.

1.3 Mercantile System of Accounting is followed.

1.4 Inventories

a.Finished Goods are valued at cost or Market Price whichever is less. b. Raw Material and packing Material are valued at Cost. Inventories has been taken as valued & certified by management

1.5 Gratuity has been accounted for on payment basis.

 
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