Home  »  Company  »  Prithvi Softech L  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Prithvi Softech Ltd. Company

Mar 31, 2015

I) Basis of Accounting

The Financial Statements of the Company has been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 ofthe Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions ofthe Companies Act, 2013. The financial statements have been prepared on accrual ba- sis under the historical cost convention. The accounting policies adopted in the preparation ofthe financial statements are consistent with those followed in the previous year.

(ii) Use of estimates

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

(iii) Investments

Long term investments are stated at cost less provision,if any, for permanent diminution in the value ofthe investments.

(iv) Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises of purchase price and other attributable costs, if any, in bringing the assets to its working condition for its intended use.

(v) Depreciation

(i) Depreciation is provided for on Straight Line method in the manner prescribed in Part C of Schedule II of the Companies Act,2013 and reckoning the maximum residual value @ 5% ofthe original cost ofthe asset.

(ii) In respect of addition of assets during the year, depreciation has been provided on Pro-rata basis.

(iii) The carrying amount of assets acquired prior to 01 st April 2014 is depreciated over the remaining useful life ofthe assets. Those assets whose useful life is Nil as on 01 st April 2014, the balance carrying amount is recognised as current year depreciation and for those assets where excess depreciation has been charged during the previous years, assets value has been revert back and adjusted against current year depreciation.

(vi) Inventories

Stocks are valued at cost or net realizable value whichever is less.

(vii) 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.

(viii) Deferred Revenue Expenditure

Preliminary expenses are being amortized over a period of 10 years.

Amalgamation expenses are being amortized over a period of 5 years.

Preliminary expenses, relating to public issue Expenses, of amalgamating company has not been written off.

(ix) Employee Benefits

Regular contributions are being made towards the Provident fund and the same has been charged to revenue. The company does provide for employees leave encashment, gratuity or any other benefits of similar nature and the same have been charged to revenue.

(x) Taxation

Provision for taxation comprises of the current tax provision, and the net change in the deferred tax asset or liability during the year. Provision for deferred tax is made on the timing diferrences arising between the taxable income and the accounting income computed using the tax rates and the laws that have been enacted or substantively enacted as of the balance sheet date.

(xi) Provisions,

A provision is recognised when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

(xii) Contingent Liabilities and Contingent Assets

Contingent liabilities and contingent assets are not recognized in the financial statements.

(xiii) Earnings 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."


Mar 31, 2014

(i) Basis of Accounting

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 the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

(ii) Use of estimates

The preparation of financial statements, in conformity with the generally accepted accounting principles, requires the management to make estimates and assumptions based on the evaluation of the circumstances and the conditions prevailed in the industry that affect the reported amount of assets, liabilities,revenues and expenses and disclosure of contingent liabilities as of the date of the financial statements. Actual results could differ from those estimated.

(iii) Investments

Long term investments are stated at cost less provision,if any, for permanent diminution in the value of the investments.

(iv) Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises of purchase price and other attributable costs , if any , in bringing the assets to its working condition for its intended use.

(v) Depreciation

Depreciation is provided for on Straight Line method at the rates and in the manner prescribed under Schedule XIV of the Companies Act,1956. In respect of addition of assets,other than assets costing less than Rs.5,000/- each, depreciation has been provided on pro-rata basis. Assets costing less than Rs.5,000/- are fully depreciated in the year of purchase.

(vi) Inventories

Stocks are valued at cost or net realizable value whichever is less.

(vii) 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.

(viii) Deferred Revenue Expenditure

Preliminary expenses are being amortized over a period of 10 years.

Amalgamation expenses are being amortized over a period of 5 years.

Preliminary expenses, relating to public issue Expenses, of amalgamating company has not been written off.

(ix) Employee Benefits

Regular contributions are being made towards the Provident fund and the same has been charged to revenue. The company does provide for employees leave encashment, gratuity or any other benefits of similar nature and the same have been charged to revenue.

(x) Taxation

Provision for taxation comprises of the current tax provision, and the net change in the deferred tax asset or liability during the year. Provision for deferred tax is made on the timing differences arising between the taxable income and the accounting income computed using the tax rates and the laws that have been enacted or substantively enacted as of the balance sheet date.

(xi) Provisions,

A provision is recognised when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

(xii) Contingent Liabilities and Contingent Assets

Contingent liabilities and contingent assets are not recognized in the financial statements.

(xiii) Earnings 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.


Mar 31, 2013

(i) Basis of Accounting

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 the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

(ii) Use of estimates

The preparation of financial statements, in conformity with the generally accepted accounting prin- ciples, requires the management to make estimates and assumptions based on the evaluation of the circumstances and the conditions prevailed in the industry that affect the reported amount of assets, liabilities,revenues and expenses and disclosure of contingent liabilities as of the date of the financial statements. Actual results could differ from those estimated.

(iii) Investments

Long term investments are stated at cost less provision, if any, for permanent diminution in the value of the investments.

(iv) Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises of purchase price and other attributable costs, if any, in bringing the assets to its working condition for its intended use.

(v) Depreciation

Depreciation is provided for on Straight Line method at the rates and in the manner prescribed under Schedule XIV of the Companies Act,1956. In respect of addition of assets,other than assets costing less than Rs.5000/- each, depreciation has been provided on pro-rata basis. Assets cost- ing less than Rs.5000/- are fully depreciated in the year of purchase.

(vi) Inventories

Stocks are valued at cost or net realizable value whichever is less.

(vii) 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.

(viii) Deferred Revenue Expenditure

Preliminary expenses are being amortized over a period of 10 years. Amalgamation expenses are being amortized over a period of 5 years. Priliminary expenses( Relating to public issue Expenses) of amalgamating company has not been written off.

(ix) Employee Benefits

Regular contributions are being made towards the Provident fund and the same has been charged to revenue. The company does provide for employees leave encashment, gratuity or any other benefits of similar nature and the same have been charged to revenue.

(x) Taxation

Provision for taxation comprises of the current tax provision, and the net change in the deferred tax asset or liability during the year. Provision for deferred tax is made on the timing diferrences arising between the taxable income and the accounting income computed using the tax rates and the laws that have been enacted or substantively enacted as of the balance sheet date.

(xi) Provisions

A provision is recognised when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

(xii) Contingent Liabilities and Contingent Assets

Contingent liabilities and contingent assets are not recognized in the financial statements.

(xiii) Earnings 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.


Mar 31, 2012

(i) Basis of Accounting

'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 the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

(ii) Use of estimates

The preparation of financial statements, in conformity with the generally accepted accounting principles, requires the management to make estimates and assumptions based on the evaluation of the circumstances and the conditions prevailed in the industry that affect the reported amount of assets, liabilities,revenues and expenses and disclosure of contingent liabilities as of the date of the financial statements. Actual results could differ from those estimated.

(iii) Investments

Long term investments are stated at cost less provision, if any, for permanent diminution in the value of the investments.

(iv) Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises of purchase price and other attributable costs, if any, in bringing the assets to its working condition for its intended use.

(v) Depreciation

Depreciation is provided for on Straight Line method at the rates and in the manner prescribed under Schedule XIV of the Companies Act,1956. In respect of addition of assets,other than assets costing less than Rs.5000/- each, depreciation has been provided on pro-rata basis. Assets costing less than Rs.5000/- are fully depreciated in the year of purchase.

(vi) Inventories

Stocks which are primarily foreign currencies or a varied form thereof are valued at cost or net realizable value whichever is less.

(vii) 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.

(viii)Deferred Revenue Expenditure

Preliminary expenses are being amortized over a period of 10 years.

Amalgamation expenses are being amortized over a period of 5 years.

Priliminary expenses( Relating to public issue Expenses) of amalgamating company has not been written off.

(ix) Employee Benefits

Regular contributions are being made towards the Provident fund and the same has been charged to revenue.The company does provide for employees leave encashment, gratuity, superannuation, pension or any other benefits of similar nature and the same has been charged to revenue.

(x) Taxation

Provision for taxation comprises of the current tax provision, and the net change in the deferred tax asset or liability during the year. Provision for deferred tax is made on the timing diferrences arising between the taxable income and the accounting income computed using the tax rates and the laws that have been enacted or substantively enacted as of the balance sheet date.

(xi) Provisions,

A provision is recognised when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates..

(xii) Contingent Liabilities and Contingent Assets

Contingent liabilities and contingent assets are not recognized in the financial statements.

(xiii) Earnings 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.


Mar 31, 2011

(i) Basis of Accounting

The financial statements have been prepared on historic cost convention on accrual basis, except otherwise stated, in accordance with the Accounting Principles Generally accepted in India and comply with mandatory Accounting Standards notified by the Central Government of India under the Companies (Accounting Standards) Rules, 2006 and with the relevant provisions of the Companies Act, 1956.

(ii) Use of estimates

The preparation of financial statements, in conformity with the generally accepted accounting principles, requires the management to make estimates and assumptions based on the evaluation of the circumstances and the conditions prevailed in the industry that affect the reported amount of assets, liabilities, revenues and expenses and disclosure of contingent liabilities as of the date of the financial statements. Actual results could differ from those estimated.

(iii) Investments

Long term investments are stated at cost less provision, if any, for permanent diminution in the value of the investment.

(iv) Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises of purchase price and other attributable costs, if any, in bringing the assets to its working condition for its intended use.

(v) Depreciation

Depreciation is provided for on Straight Line method at the rates and in the manner prescribed under Schedule XIV of the Companies Act,1956. In respect of addition of assets, other than assets costing less than Rs. 5000/- each, depreciation has been provided on pro-rata basis. Assets costing less than Rs. 5000/- are fully depreciated in the year of purchase.

(vi) Inventories

Stocks which are primarily foreign currencies or a varied form thereof are valued at cost or market price whichever is less.

(vii) 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.

(viii) Deferred Revenue Expenditure

Preliminary expenses are being amortized over a period of 10 years.

Amalgamation expenses are being amortized over a period of 5 years.

Preliminary expenses (Relating to public issue Expenses) of amalgamating company has not been written off.

(ix) Employee Benefits

Regular contributions are being made towards the Provident fund and the same has been charged to revenue. The company does not provide for employees gratuity, superannuation, pension or any other benefits of similar nature. Provision for leave encashment has been made.

(x) Taxation

Provision for taxation comprises of the current tax provision, and the net change in the deferred tax asset or liability during the year. Provision for deferred tax is made on the timing differences arising between the taxable income and the accounting income computed using the tax rates and the laws that have been enacted or substantively enacted as of the balance sheet date.

(xi) Provisions

A provision is recognised when an enterprise has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.

(xii) Contingent Liabilities and Contingent Assets

Contingent liabilities and contingent assets are neither recognized nor disclosed in the financial statements.

(xiii) Earnings 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.


Mar 31, 2010

1.1 Basis of Accounting

The financial statements have been prepared on historic cost convention on accrual basis.except otherwise stated, in accordance with the Accounting Principles Generally accepted in India and comply w;th mandatory Accounting Standards notified by the Central Government of India under the Companies (Accounting Standards) Rules . 2006 and with the relevant provisions of the; Companies Act,1956.

1.2 Use of estimates

The preparation of financial statements, in conformity with the generally accepted accounting principles, requires the management to make estimates and assumptions Dassd on the evaluation of the circumstances and the conditions prevailed in the industry that affect the reported amount of assets, liabilities,revenues and expenses and disclosure of contingent liabilities as of the date of the financial statements. Actual results could differ from those estimated.

1.3 Investments

Long term investments are stated at cost less provision,if any, for permanent diminution in the value of the investment.

1.4 Fixed Assets and Depreciation

Fixed Assets are stated at cost less accumulated depreciation. Cost comprises of purchase price and other attributable costs , if any , in bringing the assets to its working condition for its intended use.

Depreciation is provided for on Straight Line method at the rates and in the manner prescribed under Schedule XIV of the Companies Act,1956. In respect of addition of assets.other than assets costing less than Rs.5000/- each, depreciation has been provided on pro-rata basis. Assets costing less than Rs.5000/- are fully depreciated during the year.

1.5 Inventories

Stocks which are primarily foreign currencies or a varied form thereof are valued at cost or market price whichever is less.

1.6 Deferred Revenue Expenditure

Preliminary expenses are being amortized over a period of 10 years. Amalgamation expenses are being amortized over a period of 5 years.

1.7 Employee Benefits

Regular contributions are being made towards the Provident fund and the same has been charged to revenue. The company does not provide for employees gratuity,superannuation,pension or any other benefits of similar nature. Provision for leave encashment has been made.

1.8 Taxation

Provision for taxation comprises of the current tax provision, and the net change in the deferred tax asset or liability during the year. Provision for deferred tax is made on the timing diferrences arising between the taxable income and the accounting income computed using the tax rates and the laws that have been enacted or substantively enacted as of the balance sheet date.

9 Provisions,Contingent Liabilities and Contingent Assets

Provisions are recognized only when there is a present obligation as a result of past events and when a reliable estimate of the amount of obligation can be made as at the balance sheet date. Contingent liabilities and contingent assets are neither recognized nor disclosed in the financial statements.

10 Segment Reporting

The company operates in a single segment i,e trading of foreign currencies and hence does not caiis for segmentwise disclosure of assets,liabilities,revenues 01 expenses as prescribed under Accounting Standard 17 on " Segment Reporting", issued by the Institute of Chartered Accountants of India.

1.12 Disclosure requirement regarding Micro, Small & Medium Scale Enterprise?

The company has not received any intimation from suppliers regarding their status under the Micro. Small . and Medium Enterprises Development Act 2006 and Hence, disclosure , if any , relating to amount unpaid as at the year end together with Interest paid/ payable as required under the said Act have not been given.

 
Subscribe now to get personal finance updates in your inbox!