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Accounting Policies of Response Informatics Ltd. Company

Mar 31, 2014

A) METHOD OF ACCOUNTING:

a) The financial statements are prepared on the historical cost convention and in accordance with the generally accepted principles.

b) The company follows accrual system of accounting in the preparation of accounts except where otherwise stated.

B) FIXED ASSETS:

a) Fixed assets are stated at actual cost. Actual cost is inclusive of freight. Installation cost, duties, taxes and other incidental expenses.

C) DEPRECIATION:

a) Depreciation is provided on written down value method at the rates prescribed in schedule XIV of the Companies Act, 1956.

D) PRELIMINERY& DEFERRED REVENUE EXPENSE:

a) Preliminary expenses are written of over a period of Ten years.

E) TAXATION:

a) Provision for Income Tax is made after considering eligible exemptions and deductions at the rate applicable under the Income Tax Act, 1961.

b) Deferred tax is recognized on timing differences; being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

H) Additional Informations pursuant to part II and Part III of Schedule VI of the Companies Act, 1956


Mar 31, 2013

A) METHOD OF ACCOUNTING:

a) The financial statements are prepared on the historical cost convention and in accordance with the generally accepted principles.

b) The company follows accrual system of accounting in the preparation of accounts except where otherwise stated.

B) FIXED ASSETS:

a) Fixed assets are stated at actual cost. Actual cost is inclusive of freight. Installation cost, duties, taxes and other incidental expenses.

b) Capital work-in-progress comprises the cost of fixed assets that are not ready for their intended use at the balance sheet date.

C) DEPRECIATION:

a) Depreciation is provided on written down value method at the rates prescribed in schedule XIV of the companies Act, 1956.

D) PRELIMINERY & DEFERRED REVENUE EXPENSES:

a) Preliminary expenses are written of over a period of Ten years.

E) TAXATION:

a) Provision for Income Tax is made after confederating eligible exemptions and deductions at the rate applicable under the Income Tax Act, 1961.

b) Deferred tax is recognized on timing differences; being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

G) Earnings per share(EPS) is computed in accordance with accounting standards 20 Earning per share


Mar 31, 2012

Not Available


Mar 31, 2011

Not Available

 
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