Home  »  Company  »  Shree Karthik Pa  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Shree Karthik Papers Ltd. Company

Jun 30, 2015

1.1 Basis of Preparation of Financial Statements:-

The Accompanying financial statements have been prepared on a going concern basis under the historical cost convention on the accrual basis of accounting in conformity with Generally Accepted Accounting Principles in India (“ India GAAP)

1.2 Valuation of Inventories:-

Finished Goods At Cost

Stock in Process At Cost

Raw Materials At Cost

Consumable & Stores Fuel Item At Cost

1.3 Fixed Assets:-

Fixed Assets are stated at cost Less accumulated depreciation (less CENVAT, wherever applicable). Cost includes related duties, taxes, freight and installation expenses.

Advances paid towards the acquisition or construction of fixed Assets and the cost of assets not put to use as at the reporting date are disclosed under Capital Work in progress.

1.4. Depreciation.

Depreciation on tangible assets has been provided on Straight Line Method over the useful life in the manner prescribed in the schedule II of the companies Act 2013 effective from 1st April 2014, as against the earlier practice of depreciating at the rates prescribed in Schedule XIV to the Companies Act, 1956.

Depreciation on addition to assets or on sale/discardment of assets, is calculated on pro-rata from the month of such addition or upto the month of such sale/discardment, as the case may be.

1.5. Investments

Investments being long term are stated at Cost..

1.6. Retirement Benefits

Provision for gratuity has been made for the eligible employee.

1.6. Segment reporting

The company manufactures and sells only one product, namely writing and printing papers. The company finds no risks involved in the revenue and expenses of the transaction.

1.7. Deferred Tax

Deferred tax is recognized on timing difference between accounting income and the taxable income for the period and reversal of timing differences of earlier periods and quantified using the tax rates and laws that have been enacted/ substantively enacted as at the Balance Sheet date. The deferred tax assets are recognized and carried forward to the extent that there is reasonable certainty that these would be realized in future.

1.8. Provisions, Contingent Liabilities and contingent Assets:

Provision is recognized only when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent liabilities have not been provided for. The same will be met as and when they arise. Contingent Assets are neither recognized nor disclosed in the financial statements.


Jun 30, 2014

A. ACCOUNTING CONVENTION

The financial statements are prepared under the historical cost convention on accrual basis and in accordance with the mandatory accounting standards issued by the Institute of Chartered Accountants of India.

b. FIXED ASSETS

Fixed Assets are stated at cost (less CENVAT, wherever applicable). Cost includes related duties, taxes, freight and installation expenses.

Advances paid towards the acquisition or construction of fixed Assets and the cost of assets not put to use as at the reporting date are disclosed under Capital Work in progress.

c. DEPRECIATION

Depreciation on the assets has been provided on Straight Line Method as per Schedule XIV to the Companies Act, 1956.

d. INVESTMENTS

Investments being long term are stated at Cost.

e. INVENTORIES

Finished Goods At Cost

Stock in Process At Cost

Raw Materials At Cost

Consumable & Stores Fuel Item At Cost

f. GRATUITY

Provision for gratuity has been made for the eligible employee.


Jun 30, 2013

A. ACCOUNTING CONVENTION

The financial statements are prepared under the historical cost convention on accrual basis and in accordance with the mandatory accounting standards issued by the Institute of Chartered Accountants of India.

b. FIXED ASSETS

Fixed Assets are stated at cost (less CENVAT, wherever applicable). Cost includes related duties, taxes, freight and installation expenses.

c. DEPRECIATION

Depreciation on the assets has been provided on Straight Line Method as per Schedule XIV to the Companies Act, 1956.

d. INVESTMENTS

Investments being long term are stated at Cost.

e. INVENTORIES

Finished Goods At Cost''

Stock in Process At Cost

Raw Materials At Cost

Consumable & Stores

Fuel Item At Cost

f. GRATUITY

Provision for gratuity has been made for the eligible employee.


Jun 30, 2011

A. ACCOUNTING CONVENTION

The financial statements are prepared under the historical cost convention on accrual basis and in accordance with the mandatory accounting standards issued by the Institute of Chartered Accountants of India.

b. FIXED ASSETS

Fixed Assets are stated at cost (less CENVAT, wherever applicable). Cost includes related duties, taxes, freight and installation expenses.

c. DEPRECIATION

Depreciation on the assets have been provided on Straight Line Method as per Schedule XIV of the Companies Act, 1956.

d. INVESTMENTS

Investments being long term are stated at Cost.

e. INVENTORIES

Finished Goods At Cost

Stock in Process At Cost

Raw Materials At Cost

Consumable & Stores Fuel Item At Cost

f. GRATUITY

Provision for gratuity has been made for the eligible employee.


Jun 30, 2010

A. ACCOUNTING CONVENTION

The financial statements are prepared under the historical cost convention on accrual basis and in accordance with the mandatory accounting standards issued by the Institute of Chartered Accountants oflndia.

b. FIXED ASSETS

Fixed Assets are stated at cost (less CENVAT, wherever applicable). Cost includes related duties, taxes, freight and installation expenses.

c. DEPRECIATION

Depreciation on the assets have been provided on Straight Line Method as per Schedule XIV of the Companies Act, 1956.

d. INVESTMENTS

Investments being long term are stated at Cost.

e. INVENTORIES

Finished Goods At Cost

Stock in Process At Cost -

Raw Materials At Cost

Consumable & Stores Fuel Item At Cost

f. GRATUITY

Provision for gratuity has been made for the eligible employee.

Find IFSC