Home  »  Company  »  Sanghi Corporate  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Sanghi Corporate Services Ltd. Company

Mar 31, 2015

1) BASIS OF ACCOUNTING

The Company prepares its accounts on accrual basis, otherwise stated, in accordance with the normal accepted account- ing policies as well as the requirements of the Companies Act, 2013.

2) INVENTORIES

Inventory of Shares is valued at lower of cost or market value.

3) TAXES ON INCOME

Provision for Current Tax (MAT) is estimated on the basis of tax payable in accordance with the Income Tax Act, 1961. The current tax (MAT) for the year is eligible to be carry forward and get set off in succeeding 10 year or earlier.

4) CASH FLOW STATEMENT

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing flows. The cash flows from operating, investing and financing activities of the Company are segregated.

5) REVENUE RECOGNITION

Sales are recognised at the time of sale of share. Dividend income is accounted for when the right to receive it is established. During the year Company has recognised loss on F & O Derivative activity.


Mar 31, 2013

1) BASIS OF ACCOUNTING

The Company prepares its accounts on accrual basis, otherwise stated, in accordance with the normal accepted accounting policies as well as the requirements of the Companies. Act, 1956.

2) INVENTORIES

Inventory of Shares is valued at lower of cost or market value.

3) TAXES ON INCOME

Provision for current tax is estimated on the tax payable in accordance with the Income Tax Act, 1961. No provision for Income Tax has been made due to losses.

4) Cash flow statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing flows. The cash flows from operating, investing and financing activities of the Company are segregated.

5) Revenue Recognition

Sales are recognised at the time of sale of share. Dividend income is accounted for when the right to receive it is established.


Mar 31, 2010

(i) BASIS OF ACCOUNTING:

(a) The Company prepares its accounts on accrual basis, otherwise stated, in accordance with the normal accepted accounting policies as well as the requirements of the Companies. Act, 1956. (b) Dividend income on investments is accounted when the right to receive the payment is established.

(ii) INVENTORIES

Inventory of Shares is valued at lower of cost or market value.

(iii) TAXES ON INCOME

Provision for current tax is estimated on the of tax payable in accordance with the Income Tax Act, 1961. Deferred tax for the timing differences between the taxable income and the accounting income for the year is accounted for using the tax rates, laws that are substantively enacted as of the Balance Sheet date and deferred tax assets are recognized to the extent there is reasonable certainly that these would be realized in future.

 
Subscribe now to get personal finance updates in your inbox!