Home  »  Company  »  Sri Havisha Hospital  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Sri Havisha Hospitality & Infrastructure Ltd. Company

Mar 31, 2014

1. BASIS OF ACCOUNTING:

Financial Statements are prepared under historical cost convention, on accrual basis.

2. FIXED ASSETS:

Fixed Assets are stated at cost less accumulated depreciation plus revaluation done on the basis of technical evaluation. Cost is inclusive of freight, duties, levies and any directly attributable cost of bringing the assets to their working condition for intended use.

3. DEPRECIATION :

Depreciation on Fixed Assets except Technical Know-how, is provided on Straight Line Method, as per the rates prescribed in Schedule – XIV to the Companies Act, 1956. Depreciation on additions made during the year is provided proportionately for the period for which the assets have been put to use, starting at the month subsequent to the month in which the asset was put to use. Depreciation on Technical Know-how is provided on straight line method at 10% per annum

4. INVENTORY VALUATION:

a) Raw Materials and Stores and Spares are valued at cost.

b) Finished goods are valued at lower of cost or net realizable value.

c) Cylinders, Valves, Adapters, Regulators and Steel are classified under stores and spares (Current Assets) and are valued at cost.

5. INCOME RECOGNITION:

a) Sales are inclusive of all taxes wherever applicable, and net of returns.

b) Sales are accounted on dispatch of goods.

c) Income on services is recognized on release of regulators.

6. PRIOR PERIOD ADJUSTMENTS:

Expenditure / Income relating to prior period not exceeding Rs.10,000/- in each case is debited/credited to relevant Heads of Account.

7. PREPAID EXPENSES:

Prepaid expenses not exceeding Rs.10,000/- in each case are charged to revenue in the year of incurrence.

8. FOREIGN CURRENCY TRANSACTION:

Foreign Currency transactions are accounted at equivalent rupee value.

9. CLAIMS:

Claims are accounted on receipt / acceptance.

10. INVESTMENT SUBSIDY:

Subsidies received from Governments, both central and state, and from any other appropriate authorities, which are in the nature of capital receipt, are credited to Capital Reserve.


Mar 31, 2013

1. BASIS OF ACCOUNTING :

Financial Statements are prepared under historical cost convention, on accrual basis.

2. FIXED ASSETS :

Fixed Assets are stated at cost less accumulated depreciation plus revaluation done on the basis of technical evaluation. Cost is inclusive of freight, duties, levies and any directly attributable cost of bringing the assets to their working condition for intended use.

3. DEPRECIATION :

Depreciation on Fixed Assets except Technical Know-how, is provided on Straight Line Method, as per the rates prescribed in Schedule - XIV to the Companies Act, 1956. Depreciation on additions made during the year is provided proportionately for the period for which the assets have been put to use, starting at the month subsequent to the month in which the asset was put to use. Depreciation on Technical Know-how is provided on straight line method at 10% per annum.

4. INVENTORY VALUATION:

a) Raw Materials and Stores and Spares are valued at cost

b) Finished goods are valued at lower of cost or net realisable value.

c) Cylinders, Valves, Adaptors, Regulators and Steel are classified under stores and spares (Current Assets) and are valued at cost.

5. INCOME RECOGNITION:

a) Sales are inclusive of all taxes wherever applicable, and net of returns.

b) Sales are accounted on dispatch of goods.

c) Income on services is recognized on release of regulators.

6. PRIOR PERIOD ADJUSTMENTS:

Expenditure / Income relating to prior period not exceeding Rs.10,000/- in each case is debited/ credited to relevant Heads of Account.

7. PREPAID EXPENSES:

Prepaid expenses not exceeding f 10,000/- in each case are charged to revenue in the year of incurrence.

8. FOREIGN CURRENCY TRANSACTIONS :

Foreign Currency transactions are accounted at equivalent rupee value.

9. CLAIMS:

Claims are accounted on receipt / acceptance.

10. INVESTMENT SUBSIDY:

Subsidies received from Governments, both Central and State, and from any other appropriate authorities, which are in the nature of capital receipt, are credited to Capital Reserve.


Mar 31, 2012

1. BASIS OF ACCOUNTING :

Financial Statements are prepared under historical cost convention, on accrual basis.

2. FIXED ASSETS :

Fixed Assets are stated at cost less accumulated depreciation plus revaluation done on the basis of technical evaluation. Cost is inclusive of freight, duties, levies and any directly attributable cost of bringing the assets to their working condition for intended use.

3. DEPRECIATION :

Depreciation on Fixed Assets except Technical Know-how, is provided on Straight Line Method, as per the rates prescribed in Schedule - XIV to the Companies Act, 1956. Depreciation on additions made during the year is provided proportionately for the period for which the assets have been put to use, starting at the month subsequent to the month in which the asset was put to use. Depreciation on Technical Know-how is provided on straight line method at 10% per annum.

4. INVENTORY VALUATION:

a) Raw Materials and Stores and Spares are valued at cost

b) Finished goods are valued at lower of cost or net realisable value.

c) Cylinders, Valves, Adaptors, Regulators and Steel are classified under stores and spares (Current Assets) and are valued at cost.

5. INCOME RECOGNITION:

a) Sales are inclusive of all taxes wherever applicable, and net of returns.

b) Sales are accounted on dispatch of goods.

c) Income on services is recognized on release of regulators.

6. PRIOR PERIOD ADJUSTMENTS:

Expenditure / Income relating to prior period not exceeding Rs. 10,000/- in each case is debited/ credited to relevant Heads of Account.

7. PREPAID EXPENSES:

Prepaid expenses not exceeding Rs.10,000/- in each case are charged to revenue in the year of incurrence.

8. FOREIGN CURRENCY TRANSACTIONS :

Foreign Currency transactions are accounted at equivalent rupee value.

9. CLAIMS:

Claims are accounted on receipt / acceptance.

10. INVESTMENT SUBSIDY:

Subsidies received from Governments, both Central and State, and from any other appropriate authorities, which are in the nature of capital receipt, are credited to Capital Reserve.

 
Subscribe now to get personal finance updates in your inbox!