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Accounting Policies of Shree Manufacturing Company Ltd. Company

Mar 31, 2014

A) FIXED ASSETS

Fixed Assets are stated at cost less depreciation. Depreciation on Fixed Assets is provided on straight - tine method at applicable rates specified in Schedule XIV of the Companies Act,1956. However there is no Fixed Assets as on Balance Sheet date.

b) INVENTORIES

Normally inventories are valued at lower of cost or net realizable value. However there is no Stock at the yeand.

c) EMPLOYEES BENEFIT

Employee''s benefits, which include Salary, Bonus, and allowance, are recognized as expenses in the period in which the employee renders the related service. Gratuity & Leave encashment liabilities are accounted for on Cash basis under the Act. However there is no gratuity liability for the year under review.

d) RECOGNITION OF INCOME AND EXPENDITURE

Items of Income and Expenditure are recognized on prudent and accrual basis.

e) INCOME-TAX

Income Tax Liability for the period comprises current and deferred tax (if any)

The Provision for Income Tax is based on the basis of estimated taxable income. The Company provides for deferred tax as and when such situation arises using the liability method, based on the tax effect of timing differences resulting from the recognition of items in the financial statements and in estimating its current income tax provision.


Mar 31, 2013

A) FIXED ASSETS

Fixed Assets are stated at cost less depreciation. Depreciation on Fixed Assets is provided on straight-line method at applicable rates specified in Schedule XIV of the Companies Act,1956. However there is no Fixed Assets as on Balance Sheet date.

b) INVENTORIES

Normally inventories are valued at lower of cost or net realizable value. However there is no Stock at the year-end.

c) EMPLOYEES BENEFIT

Employee''s benefits, which include Salary, Bonus, and allowance, are recognized as expenses in the period in which the employee renders the related service. Gra tuity & Leave encashment liabilities are accounted for on Cash basis under the Act.

d) RECOGNITION OF INCOME AND EXPENDITURE

Items of Income and Expenditure are recognized on prudent and accrual basis.

e) INCOME-TAX

Income Tax Liability forthe period comprises current and deferred tax (if any)

The Provision for Income Tax is based on the basis of estimated taxable income. The Company provides for deferred tax as and when such situation arises using the liability method, based on the tax effect of timing differences resulting from the recognition of items in the financial statements and in estimating its current income tax provision.


Mar 31, 2012

A) FIXED ASSETS

Fixed Assets are stated at cost less depreciation. Depreciation on Fixed Assets is provided on straight- line method at applicable rates specified in Schedule XIV of the Companies Act,1956. However there is no Fixed Assets as on Balance Sheet date.

b) INVENTORIES

Normally inventories are valued at lower of cost or net realizable value. However there is no Stock at the year-end.

c) GRATUITY & LEAVE ENCASHMENT

Gratuity & Leave encashment liability is accounted for on Cash basis, as computed by the Company

d) RECOGNITION OF INCOME AND EXPENDITURE

Items of Income and Expenditure are recognized on prudent and accrual basis.

e) INCOME-TAX

Income Tax Liability for the period comprises current and deferred tax (if any)

The Provision for Income Tax is based on the basis of estimated taxable income. The Company provides for deferred tax as and when such situation arises using the liability method, based on the tax effect of timing differences resulting from the recognition of items in the financial statements and in estimating its current income tax provision.


Mar 31, 2011

A. FIXED ASSETS

Fixed Assets are stated at cost less depreciation. Depreciation on Fixed Assets is provided on straight-line method at applicable rates specified in Schedule XIV of the Companies Act, 1956. However there is no Fixed Assets as on Balance Sheet date.

b. INVENTORIES

Normally inventories are valued at lower of cost or net realisable value. However there is no Stock at, the year end.

c. GRATUITY & LEAVE ENCASHMENT

Gratuity & Leave encashment liability is accounted for on Cash basis, as computed by the Company

d. RECOGNITION OF INCOME AND EXPENDITURE

Items of Income and Expenditure are recognised on prudent and accrual basis,

e. INCOME-TAX

Income Tax Liability for the year comprises current and deferred tax (if any). The Provision for Income Tax is based on the basis of estimated taxable income. The Company provides for deferred tax as and when such situation arises using the liability method, based on the tax effect of timing differences resulting from the recognition of items in the financial statements and in estimating its current income tax provision.


Mar 31, 2010

A. FIXED ASSETS

b. one train depreciation- Depreciation on Fixed Assets is provided specified in Schedule XIV of the Companies Act,

b INVENTORIES S 3S Balance Sheet date- no Stop atheist net realizable value- However there is

c. GRATUITY & LEAVE ENCASHMENT

Company & Leave encashment liability is accented for on Cash basis, as computed by the

d. RECOGNITION OF INCOME AND EXPENDITURE

e 16 and Expenditure are recognized on prudent and accrual basis. Income Tax Liability for the year comprises current and deferred tax (if any)

The Provision for Income Tax is based on the basis of estimated taxable income The Company the tax effect of timing differences resulting from the recognition of items in the financial statements and in estimating its current income tax provision.


Mar 31, 2009

A. FIXED ASSETS : Fixed Assets are stated at cost less depreciation. Depreciation on Fixed Assets is provided on straight-line method at applicable rates specified in Schedule XIV of the Companies Act, 1956.

b. INVENTORIES: Normally inventories are valued at lower of cost or net realisable value. However there is no Stock at the year end.

c. GRATUITY & LEAVE ENCASHMENT : Gratuity & Leave encashment liability is accounted for on Cash basis, as computed by the Company.

d. RECOGNITION OF INCOME AND EXPENDITURE : Items of Income and Expenditure are recognised on prudent and accrual basis.

e. INCOME-TAX : Income Tax Liability for the year comprises current and deferred tax (if any). The Provision for Income Tax is based on the basis of estimated taxable income. The Company

" provides for deferred tax as and when such situation arises using the liability method, based on the tax effect of timing differences resulting from the recognition of items in the financial statements and in estimating its current income tax provision.

 
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