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Accounting Policies of Sunlake Resort and Hotels Ltd. Company

Mar 31, 2010

I. ACCOUNTING CONVENTION :

The financial statement is prepared under the historical cost convention and follows the mercantile system of accounting and recognizes income and expenditure on the accrual basis except those with significant uncertainties. Sales & Purchase is accounted exclusive of excise duty.

II. FIXED ASSETS :

There Fixed assets are stand at cost of acquisition inclusive of freight, duties, taxes, and inclusive of expenses.

III. DEPRECIATION :

Depreciation on fixed assets is provided on "Written Down Value Method" at the rate and in the manner prescribed in Schedule XIV of the Companies Act,1956.

IV. INVENTORIES :

There is no Inventory at the year ended 31-03-2010.

V. INVESTMENT :

There is no investment.

VI. MISCELLANOUS EXPENSES :

Preliminary Expenditures are written off over period of ten years.

VII. CONTINGENT LIABILITIES :

No Provision is made for liabilities, which are contingent in nature but, if material, the same all disclosed by way notes to the accounts.

 
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