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Accounting Policies of Sree Jayalakshmi Autospin Ltd. Company

Mar 31, 2015

1. 1 a) The financial Statements are prepared on accrual basis under the historical cost convention. b) Sales Excludes amount recovered towards Value Added Tax & Other taxes

1.2 Fixed Assets:

a) Fixed Assets are stated at cost less depreciation. All expenses relating to the acquisition and installation of fixed assets are capitalised.

b) Depreciation on all assets is being provided on straight line method at rates specified in Schedule II to the Companies Act 2013

c) Depreciation on assets sold, discarded or demolished during the year i s being provided at their

Respective rates up to the month in which such assets are sold, discarded or demolished.

d) An asset is treated as impaired when the carrying cost of an asset exceeds its recoverable Value And the Impairment loss is charged to profit and loss account in the year in which asset is impaired.

1.3 Government Grants:

a) Grants in the form of capital/investment subsidy are treated as capital reserves.

b) Grants relating to fixed assets are adjusted in the cost of such assets.

1.4 Inventories:

a) Raw Materials, Stores and spares, are valued at cost, Finished goods and work in progress are valued at cost or net realisable value whichever is lower.

1.5 INVESTMENTS: Current Investments are carried at lower off cost or fair value whichever is less and noncurrent investments are stated at cost provision for diminution in the value of non current investment is made only if each declaim is other than temporary in nature.

1.6 Due to uncertainty, Income on account of Insurance claims are accounted for as and when received.

RETIREMENT BENEFITS :

1.7 Provision for employer's contribution towards P.F & E.S.I has been made during the year and it is paying the premium as per contract. And also the premium as per contract. And no provision has been made for the year.


Mar 31, 2013

1. 1 a) The Financial Statements are prepared basic on historical cost convention.

b) Sales Excludes amount recovered towards Value Added Tax & others.

1.2. Fixed Assets:

a) Fixed Assets are Started at cost less depreciation. All expences relating to the acquisition and installation of fixed assets are capitalised

b) Depreciation on all assets is being provided on straight line method at rates specified inSchedule XIV to the companies Act 1956.

c) Depreciation on assets sold, discarded or demolished during the year is being provided at their respective rates upto the month in which such assets are sold, discarded or demolished.

1.3. GOVERNMENT GRANTS:

a) Grants in the form of capital/investments subsidy are treated as capital reserves.

b) Grants relating to fixed assets are adjusted in the cost of such assets.

1.4.INVENTORIES:

a) Raw material. Stores & spares, are valued at cost, Finished goods and work in process are valued at cost are net. realisable value whichever is lower.

1.5. INVESTMENTS: Investments are started at cost.

1.6. Due to uncertainty, Income on account of Insurance claims are accounted for as and when received

RETIREMENTS BENIFfTS:

1.7 Provision for employers contribution towards P.F. & E.S.I, has been made during the year.

1.8 The company has taken policy for employees Gratuity and it is paying the premium as per contract.

a) Loan received from KSFC-Secured by the mortgage of Property situated at No. A136,1st Stage, Peenya, Bangalore in the Name of Two Directors along with a personal guarantee of Two Directors.

b) Loan From Kotak Mahindra Prime Loan against hypothecation of Vehicle.


Mar 31, 2012

1. 1 a) The Financial Statements are prepared basic on historical cost convention, b) Sales Excludes amount recovered towards Value Added Tax & others.

1. 2. Fixed Assets:

a) Fixed Assets are Started at cost less depreciation. All expences relating to the acquisition and installation of fixed assets are capitalised

b) Depreciation on all assets is being provided on straight line method at rates specified inSchedule XIV to the companies Act 1956.

c) Depreciation on assets sold, discarded or demolished during the year is being provided at their respective rates upto the month in which such assets are sold, discarded or demolished.

1.3. GOVERNMENT GRANTS:

a) Grants in the form of capital/investments subsidy are treated as capital reserves.

b) Grants relating to fixed assets are adjusted in the cost of such assets.

1. INVENTORIES:

a) Raw material, Stores & spares, are valued at cost, Finished goods and work in process are valued at cost are net. realisable value whichever is lower.

1.5. INVESTMENTS: Investments are started at cost.

1.6. Due to uncertainly, Income on account of Insurance claims are accounted for as and when received RETIREMENTS BENIFITS:

1.7 Provision for employers contribution towards P.F. & E.S.I. has been made duriilgthe year.

1.8 The company has taken policy for employees Gratuity and it is paying the premium as per contract.

a) Loan received from KSFC-Secured by mortgage of Property situated at No. A136,1st Stage, Peenya, Bangalore in the Name of Two Directors along with a personal guarantee of Two Directors.

b) Loan From Kotak Mahindra Prime Loan against hypothecation of Vehicle.


Mar 31, 2010

1.1 a) The financial Statements are prepared based on historical cost convention.

b) Sales Excludes amount recovered towards Valu Added Tax & Other taxes

1.2 Fixed Assets:

a) Fixed Assets are stated at cost less depreciation. All expenses relating to the acquisition and installation of fixed assets are capitalised.

b) Depreciation on all assets is being provided on straight line method at rates specified in Schedule XIV to the Companies Act 1956.

c) Depreciation on assets sold, discarded or demolished during the year is being provided at their

Respective rates upto the month in which such assets are sold, discarded or demolished.

1.3 Government Grants:

a) Grants in the form of capital/investment subsidy are treated as capital reserves.

b) Grants relating to fixed assets are adjusted in the cost of such assets.

1.4 Inventories:

a) Raw Materials, Stores and spares, are valued at cost,. Finished goods and work in progress are valued at cost or net realisable value whichever is lower.

1.5 INVESTMENTS: Investments are stated at cost.

1.6 Due to uncertainly, Income on account of Insurance claims are accounted for as and when received.

 
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