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Accounting Policies of SGN Telecoms Ltd. Company

Mar 31, 2013

A) Method of Accounting :

The accounts are prepared on Historical cost concept on an accrual basis and accounting principles generally accepted in India.

b) Fixed Assets & Depreciation :

Fixed assets are stated at original cost including freight, duty, taxes and other incidental and pre-operative expenses relating to the acquisition, installation on appropriate basis. Depreciation has been charged on a straight line method as per the rates and in the manner prescribed by Schedule XIV of the Companies Act, 1956.

c) Inventories:

Closing stocks are valued at cost or market price whichever is less and cost is ascertained on FIFO Method Basis.

d) Gratuity and leave encashment is accounted for on cash basis.

e) Investment:

Long term investment are stated at cost less permanent diminution in value if any.

f) Misc. Expenses :

( To the extend not written off): These are written off over ten years.


Mar 31, 2012

A) Method of Accounting :

The accounts are prepared on Historical cost concept on an accrual basis and accounting principles generally accepted in India.

b) Fixed Assets & Depreciation :

Fixed assets are stated at original cost including freight, duty, taxes and other incidental and pre-operative expenses relating to the acquisition, installation on appropriate basis. Depreciation has been charged on a straight line method as per the rates and in the manner prescribed by Schedule XIV of the Companies Act, 1956.

c) Inventories :

Closing stocks are valued at cost or market price whichever is less and cost is ascertained on FIFO Method Basis.

d) Gratuity and leave encashment is accounted for on cash basis.

e) Investment:

Long term investment are stated at cost less permanent diminution in value if any.

f) Misc. Expenses :

(To the extend not written off): These are written off over ten years.

g) Absolete Machinery Amounting to Rs, 23423000/- has been written off during the year.

h) Irrecoverable advances amounting to Rs. 15687700.41 have been written off during the year. Thus the total loss on account of extraordinary is Rs.39110700.41 total amount.


Mar 31, 2010

A) Method of Accounting:

The accounts are prepared on Historical cost concept on an accrual basis and accounting principles generally accepted in India.

b) Fixed Assets & Depreciation:

Fixed assets are stated at original cost including freight, duty, taxes and other incidental and pre-operative expenses relating to the acquisition, installation on appropriate basis. Depreciation has been charged on a straight line method as per the rates and in the manner prescribed by Schedule XTV of the Companies Act, 1956.

c) Inventories:

Closing stocks are valued at cost or market price whichever is less and cost is ascertained on FIFO Method Basis.

d) Gratuity and leave encashment is accounted for on cash basis.

e) Investment:

Long term investment are stated at cost less permanent diminution in value if any.

f) Misc. Expenses :

(To the extend not written off): These are written off over ten years.

 
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