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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