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Accounting Policies of Rubra Medicaments Ltd. Company

Mar 31, 2014

A. Accounting Conventions

The accompanying financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India, the applicable Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956.

All Income & Expenditure items having material bearing on the financial statements are recognized on accrual basis except material uncertainty.

b. Fixed Assets

Fixed Assets are disclosed at historical cost of acquisition.

c. Depreciation

Depreciation on fixed assets is provided on Straight line method at the rates prescribed in schedule XIV to the Companies Act, 1956. Depreciation on additions during the years have been provided on pro-rata basis.

d. Taxation

The provision for taxation is ascertained profit computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognized subject to the consideration of prudence, on timing difference, being the difference taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent period.


Mar 31, 2013

A. Accounting Conventions

The accompanying financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India, the applicable Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956.

All Income & Expenditure items having material bearing on the financial statements are recognized on accrual basis except material uncertainty.

b. Fixed Assets

Fixed Assets are disclosed at historical cost of acquisition.

c. Depreciation

Depreciation on fixed assets is provided on Straight line method at the rates prescribed in schedule XIV to the Companies Act, 1956. Depreciation on additions during the years have been provided on pro-rata basis.

d. Taxation

The provision for taxation is ascertained profit computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognized subject to the consideration of prudence, on timing difference, being the difference taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent period.


Mar 31, 2012

A. Accounting Conventions

The accompanying financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles in India, the applicable Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956.

All Income & Expenditure items having material bearing on the financial statements are recognized on accrual basis except material uncertainty.

b. Fixed Assets

Fixed Assets are disclosed at historical cost of acquisition.

c. Depreciation

Depreciation on fixed assets is provided on Straight line method at the rates prescribed in schedule XIV to the Companies Act, 1956. Depreciation on additions during the years have been provided on pro-rata basis.

d. Taxation

The provision for taxation is ascertained profit computed in accordance with the provisions of Income Tax Act, 1961. Deferred tax is recognized subject to the consideration of prudence, on timing difference, being the difference taxable income & accounting income that originate in one period and are capable of reversal in one or more subsequent period.


Mar 31, 2010

1. Balance Sheet and Profit and Loss Account are prepared in conformity with accounting standards under sub-section (3C) of Section 211 of the Companies Act, 1956.

2. The accounts have been drawn up on historical cost convention in accordance with generally accepted accounting principles and provisions of the Companies Act, 1956 as adopted consistently by the Company.

3. The Company generally follows mercantile system of accounting and recognises significant items of income and expenditure on accrual basis.

B. FIXED ASSETS:

1. Fixed assets revalued are disclosed at values arrived by the approved valuer.

2. Fixed assets for which values is not changed are disclosed at historical cost of acquisition.

C. DEPRECIATION;

1. Depreciation is charged at the rates and the manner specifiedin Schedule XIV of the Companies Act, 1956 under the Straight Line Method in respect of tangible assets.

2. No Depreciation is provided on intangible assets, since in the opinion of the management no diminishing in their value is estimated.

D. INVESTMENTS:

Company has no investments

F. TERMINAL BENEFITS TO EMPLOYEES:

No provision for gratuity and leave encashment has been made. The company intends to account for the same on cash basis.

G. PRIOR PERIOD / PRE-PAID EXPENSES:

Expenditure less than Rs. 10000/- are not classified into Prior period Expenditure or Prepaid Expenses in view of the fact that they are not material in nature.

 
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