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Accounting Policies of Silver Oak Commercials Ltd. Company

Mar 31, 2013

Rights, preferences and restrictions attached to shares Equity Shares

The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/- per share. Each shareholder is eligible for one vote per share held.

Dividends, if any, is declared and paid in Indian rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. However, in view of the losses, no dividend is / was declared on the equity shares for the year ended March 31, 2012 / In the event of liquidation of the Company, the equity shareholders will be entitled to receive the remaining assets of the Company, after distribution of all the preferential amounts, in proportion to their shareholding.

Mar 31, 2011

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 and 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 recognized and carried forward only to the extent that there is a reasonable certainly that the assets will be realized in future.

3. Borrowing Cost.

Borrowing cost directly attributable to the acquisition or construction of fixed asset are capitalized as part of the cost of the asset, up to the date the asset is put to use, Other borrowing costs are changed to the 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. Income Recognition

Income earned during the year is from consultancy fees and is shown in the profit & Loss Account.

Oct 28, 3:59 pm
Oct 28, 4:10 pm
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