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Accounting Policies of Popular Estate Management Ltd. Company

Mar 31, 2015

A. use of Estimates

The preparation of financia statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumpt ons that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on managements best knowledge of current events and actions, uncertainty about these assumptions and estimates could result In the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities In future periods.

b. Tangible fixed assets

All Tangible Fixed Assets are valued at cost, he Cost comprises purchase- price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the Intended use,

c. Depreciation of tangible fixed assets

Depreciation on Fixed Assets is provided to the extent of depreciable amount on the Straight Line Method (SLM) or all Assets. Depreciation is provided based on Useful life of the assets as prescribed in Schedule It to the Companies Act, 2013.

d. Inventories

Inventories are stated at lower of Cost or Net Realisable Value

e. Revenue recognition

Revenue is recognized to the extent that It is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

f. Retirement and other employee benefits:

Retiring Benefits, If any, are considered as Payable in the year in which paid.

g. Income Tax:

Tax expenses comprise current and deferred tax. Current income tax Is measurer, at the amount expected to he paid to the tax authorities in accordance with the Income Tax Act, 1961 enacted In India and tax laws prevailing In the respective tax jurisdictions where the company Operates, The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date,

Deferred Income Tax

The Company has accounted for deferred lax in accordance with the Accounting Standard-22 "Accounting for Taxes on Income" Issued by the Institute of Chartered Accountants of India Consequently, deferred taxes have been recognized in respect of following Items of timing differences between accounting income and the taxable income.

h. Earning per Share:

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted if earning t per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period am adjusted for the effects or all dilutive potential equity shar

i. Provisions:

A provision Is recognized when the company has a present obligation as a result of past event. It is possible that an outflow of resources embodying benefits will be required to settle the obligation and a reliable estimate can tie made of the amount of the obligation on, Provisions are not discounted to their present value and are determined based on the beat estimate required to settle the obligation at the reporting date. These estimates me reviewed at each reporting date and adjusted to reflect the Current test estimates.

j. Contingent liabilities:

A contingent liability is a possible obligation that arises from past events whose existence win bo confirmed by the occurence or non occurence of one ur more uncertain future events beyond the control of the company or a present obligation that Is not recognized because It Is not probable that an outflow of resources will be required to settle the obligation, A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contigent liability but disclosed Its existence in the financial statements.

k. Cash and cash equivalents

Cash and cash equivalents for the Purposes of cash flow statement comprise cash at bank and cash In band.


Mar 31, 2014

A. Use of Estimates : The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods.

b. Tangible fixed assets : All Tangible Fixed Assets are valued at cost. The cost comprises purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use.

c. Depreciation of tangible fixed assets : Company has provided depreciation on Straight Line Method on all Assets at the rates prescribed under Schedule XIV of the Companies Act, 1956.

d. Revenue recognition : Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

e. Retirement and other employee benefits : Retiring Benefits, if any, are considered as Payable in the year in which paid.

f. Income Tax : Tax expenses comprise current and deferred tax. Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdictions where the company operates. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

Deferred Income Tax : The Company has accounted for deferred tax in accordance with the Accounting Standard-22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India. Consequently, deferred taxes have been recognized in respect of following items of timing differences between accounting income and the taxable income.

g. Earning per Share : Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

h. Provisions : A provision is recognized when the company has a present obligation as a result of past event. It is possible that an outflow of resources embodying benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

i. Contingent liabilities : A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but disclosed its existence in the financial statements.

j. Cash and cash equivalents : Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and cash in hand.


Mar 31, 2010

(i) Basis of Accounting :

The Financial Statement are prepared on the basis of historical cost convention and in accordance with the normally accepted accounting principles.

(ii) Fixed Assets :

a) Fixed Assets are stated at cost of Acquisition less accumulated depreciation.

b) Depreciation on Fixed Assets have been provided on straight line method in accordanace with the rates and manners prescribed in schedule XIV to the Companies Act, 1956.

(iii) Income & Expenditure :

All income & Expenditure items having material bearing on the financial statements are recognised on accrual basis.

(iv) Retirement benefits :

Gratuity and superannuation benefits to the employees will be accounted for on cash basis.

(v) Investments:

Investments are considered as Long Term investments unless and otherwise specified . Investments are valued at cost. Dividend/Interest on Investments are recognised on receipt basis.

(vi) Contingent Liabilities :

Contingent Liabilities are disclosed in the accounts by way of notes giving the nature and quantity of such liabilities.

(vii) Preliminery Expenses & Public Issue Expenses :

Preliminery Expenses & Public Issue Expenses have been written off over the period of five years.

 
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