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Accounting Policies of Shree Rang Mark Travels Ltd. Company

Mar 31, 2014

1. General

i) The Accounts have been prepared on historical cost basis changes, if any, in the purchasing of money

ii) All revenue and expenses are accounted on accrual basis

2. Taxation

i) Provision for current tax is made after taking into consideration benefits admissible under the provision of the Income Tax Act, 1961.

ii) Deferred Tax resulting from timing difference between book & taxable profit is accounted for using rates and law that have been enacted as on the Balance Sheet Date. Deferred Tax assets, if any, is recognized and carried forward only to the extent that there is a reasonable certainty that the assets will be realized in future.

3. Borrowing Cost

Borrowing cost directly attributed to the acquisition of the fixed assets are capitalized a part of the cost the asset, up to the date of the assets is put to use, other borrowing costs are changed to profit & loss account in the year in which they are incurred .

4. Investment

Long term investments are stated at cost. Provision for diminution in value of long term investment is made as if such a decline is other than temporary.

5. Cash and cash equivalents

Cash comprise cash in hand demand deposits with banks.

6. Cash flow statement

Cash Flow are reported using the indirect method, whereby profit / (loss before extraordinary items and tax is adjusted for the effects of transactions of non - cash nature and deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

7. Income Recognition

Income earn during the year is form commission on ticket & tour package, sale of Bottled Water, contact Car Hire charges & Incidental Income thereto.


Mar 31, 2013

1. General

i) The accounts have been prepared on historical cost basis ignoring changes, if any, in the purchasing power of money.

ii) All revenue and expenses are accounted on accrual basis.

2. Taxation

i) Provision for current tax is made after taking into consideration benefits admissible under the provision of the Income Tax Act, 1961.

ii) Deferred Tax resulting from timing difference between book & taxable profit is accounted for using tax rates and law that have been enacted as on the Balance Sheet Date. Deferred Tax asset, if any, is recognised and carried forward only to the extent that there is a reasonable certainty that the assets will be realised in future.

3. Borrowing Cost

Borrowing cost directly attributable to the acquisition or construction of fixed assets are capitalized as part of the cost of the asset, up to the date of the asset is put to use , other borrowing costs are charged to profit & loss account in the year in which they are incurred.

4. Investment

Long term investments are stated at cost. Provision for diminution in value of long term investment is made only if such a decline is other than temporary.

5. Cash and cash equivalents

Cash comprises cash on hand and demand deposits with banks.

6. Cash flow statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments.


Mar 31, 2009

A. The Financial Statement of the Company are prepared under the historical cost convention in accordance with the generally accepted accounting principles and provisions to the companies Act, 1956, using the accrual method of accounting and on the basis of going concern.

b. Accounting policies not specifically referred to otherwise are in consonance with generally accepted accounting principles.

c. As the Company do not owns any fixed assets. Question of valuation to fixed assets as per schedule (xiv) of the Companies Act, 1956 do not arises.

d. Retirement benefits : since there are no employee no provision for gratuity has been made:

e. Inventory since Nil the question of valuation does not arise.

f. Preliminary expenses shall be written of after commencement of commercial activities.

 
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