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Accounting Policies of Shri Mahalaxmi Agricultural Developement Ltd. Company

Mar 31, 2015

[1] BASIS OF ACCOUNTING:

The financial statement are prepared under historical cost convention on accrual method of accounting and are in accordance with the requirements of the Companies Act, 1956.

[2] FIXED ASSETS:

Capitalisation at acquisition cost including directly attributable cost such as freight, insurance, and specific installation charges for bringing the assets to its working condition.

Depreciation is not provided considering the losses of the company.

[3] VALUATION OF INVENTORY:

Stock of Raw Material have been valued at fixed cost.

[4] RECOGNITION OF INCOME AND EXPENDITURE

Revenue/Incomes and Costs/Expenditures are accounted on accrual basis.

[5] CONTINGENT LIABILITY

Contingent liability is provided on the basis demand made upon the Company.

[6] INVESTMENTS

Investments are valued at the acquisition cost and includes brokerage and other expenses on purchase.

[7] DEFERRED TAX

No provision made.

[8] RELATED PARTY DISCLOSURES

As per Accounting Standard 18 as issued by ICAI, there is no transaction of any related party.

 
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