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Accounting Policies of Sanmitra Commercial Ltd. Company

Mar 31, 2014

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

During the year ended 31st March 2014, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The company has also re-classified the previous year figures in accordance with the figures of the current year.

II. BASIS OF ACCOUNTING:

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the provisions of Companies Act, 1956 and the accounting principles generally accepted in India and comply with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006.

III. FIXED ASSETS

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

IV. DEPRECIATION

The company has provided depreciation on Fixed Assets on written down value basis at the revised rates prescribed under the Income Tax Act, 1961.

V. INVESTMENTS:

Investments being Long Term Investments are stated at cost.

VI. STOCK IN TRADE:

The stock in trade as on 01st Day of October 2013, was converted into Investments at closing inventory price of previous year. The said conversion from stock to investments has no impact on the profit and loss for the year as the same is converted at the price disclosed in the Books of accounts.

VIII) TAXES ON INCOME

Income Tax expenses comprises of current tax and deferred tax (charge or credit). Provision for Income Tax is made on the basis of taxable income for the current accounting year in accordance with the provisions of the Income Tax Act, 1961. There is no deferred tax liability up to the year ended 31st March, 2014.


Mar 31, 2013

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

During the year ended 31st March 2013, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The company has also re-classified the previous year figures in accordance with the figures of the current year.

II. BASIS OF ACCOUNTING :

The financial statements are prepared under historical cost convention, on accrual basis, in accordance with the provisions of Companies Act, 1956 and the accounting principles generally accepted in India and comply with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006.

III. INVENTORIES

Stock is valued at cost. Fluctuation in value of stock in trade is accounted on realization.

IV. FIXED ASSETS

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

V. DEPRECIATION

The company has provided depreciation on Fixed Assets on written down value basis at the revised rates prescribed under the Income Tax Act, 1961.

VI. INVESTMENTS:

Investments being Long Term Investments are stated at cost.

VIII) TAXES ON INCOME

Income Tax expenses comprises of current tax and deferred tax (charge or credit). Provision for Income Tax is made on the basis of taxable income for the current accounting year in accordance with the provisions of the Income Tax Act, 1961. There is no deferred tax liability up to the year ended 31st March, 2013.


Mar 31, 2012

I. BASIS OF PREPARATION OF FINANCIAL STATEMENTS'.

During the year ended 31st March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The company has also re-classified the previous year figures in accordance with the figures of the current year.

II. BASIS OF ACCOUNTING .

The financial statement are prepared under historical cost convention, on accrual basis, in accordance with the provisions of Companies Act 1956 and the accounting principles generally accepted in India and comply with the Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006.

III. INVENTORIES

Stock is valued at cost Fluctuation in value of stock in trade is accounted on realization.

IV. FIXED ASSETS

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

V. DEPRECIATION

The company has provided depreciation on Fixed Assets on written down value basis at the revised rates prescribed under the Income Tax Act 1961.

VI. INVESTMENTS:

Investments being Long Term Investments are stated at cost

VIII. TAXES ON INCOME

Income Tax expenses comprises of current tax and deferred tax (charge or credit). Provision for Income Tax is made on the basis of taxable income for the current accounting year in accordance with the provisions of the Income Tax Act, 1961. There is no deferred tax liability up to the year ended 31st March, 2012.


Mar 31, 2010

A) Basis of Accounting

The financial statements are prepared under historical cost convention on an accrual basis.

b) Fixed Assets

Fixed Assets are stated at cost of acquisition less accumulated depreciation.

c) Depreciation

The company has provided depreciation on Fixed Assets on written down value basis at the revised rates prescribed under the Income Tax Act, 1961.

d) Investments

The company has converted its long term investment into stock-in-trade at cost. There is no impact on profit or loss as there is no transfer.

e) Inventories

Stock is valued at cost. Fluctuation in value of stock in trade is accounted on realisation.


Mar 31, 2002

NOt Available

 
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