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Accounting Policies of Suryo Foods & Industries Ltd. Company

Mar 31, 2015

A) Accounting Convention

The financial statements have been prepared on historical cost convention in accordance with the normally accepted accounting principles and the provisions of the Companies Act, 2013. These Statements have been prepared in accordance with applicable mandatory Accounting Standards and relevant presentational requirements of the Companies Act, 2013.

b) Basis of Accounting

Income and expenses are accounted on accrual basis expect claims.

c) Valuation of Inventories

Company follows the method of valuation of inventories valued at lower cost or net realizable value.

d) Fixed Assets

i) Fixed Assets are stated at cost of acquisition and subsequent improvement thereto. The cost of acquisition includes taxes, duties, freight and other expenses related to acquisition and installation.

Expenditure relating to the project, incurred during the period of commissioning of the project is allocated to the respective fixed assets.

ii) Depreciation on fixed assets is provided on written down value method at the rates laid down in schedule -XIV of the companies Act,2013 expect Ponds & Reservoir, vehicle and plant & machinery which are remaining idle and going to retired asset.

e) Events Occurring after Balance Sheet Date

There are no materials events occurred after the balance sheet date for Reporting.

f) Miscellaneous Expenditure

Preliminary and share issue expenditure are amortised over a period of 10years

g) Treatment of Contingencies

Contingencies which can be reasonably ascertained are provided for:

h) Deferred Tax

Deferred tax is recognized subject the consideration of prudence on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

i) Related party transactions

There was no transaction with any related party during the year under audit.


Mar 31, 2014

A) Accounting Convention

The financial statements have been prepared on historical cost convention in accordance with the normally accepted accounting principles and the provisions of the Companies Act, 1956. These statements have been prepared in accordance with applicable mandatory Accounting Standards and relevant presentational requirements of the Companies Act, 1956.

b) Basis of Accounting

Income and expenses are accounted on accrual basis except claims.

c) Valuation of Inventories

Company follows the method of valuation of inventories valued at lower cost or net realizable value.

d) Fixed Assets

i) Fixed Assets are stated at cost of acquisition and subsequent improvement thereto. The cost of acquisition includes taxes, duties, freight and other expenses related to acquisition and installation.

Expenditure relating to the project, incurred during the period of commissioning of the project is allocated to the respective fixed assets.

ii) Depreciation on fixed assets is provided on written down value method at the rates laid down in Schedule - XIV of the Companies Act, 1956 except Ponds & Reserveour, vehicle and plant & machinery which are remaining idle and going to retired asset.

e) Events Occurring after Balance Sheet Date

There is no materials events occurred after the Balance Sheet date for Reporting.

f) Miscellaneous Expenditure

Preliminary and share issue expenditure are amortised over a period of 10 years.

g) Treatment of Contingencies

Contingencies which can be reasonably ascertained are provided for.

h) Deferred Tax

Deferred tax is recognised subject the consideration of prudence on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

i) Related party transactions

There was no transaction with any related party during the year under audit.


Mar 31, 2013

A) Accounting Convention

The financial statements have been prepared on historical cost convention in accordance with the normally accepted accounting principles and the provisions of the Companies Act, 1956. These statements have been prepared in accordance with applicable mandatory Accounting Standards and relevant presentational requirements of the Companies Act, 1956.

b) Basis of Accounting

Income and expenses are accounted on accrual basis except claims.

c) Valuation of Inventories

Company follows the method of valuation of inventories valued at lower cost or net realizable value.

d) Fixed Assets

i) Fixed Assets are stated at cost of acquisition and subsequent improvement thereto. The cost of acquisition includes taxes, duties, freight and other expenses related to acquisition and installation.

Expenditure relating to the project, incurred during the period of commissioning of the project is allocated to the respective fixed assets.

ii) Depreciation on fixed assets is provided on written down value method at the rates laid down in Schedule - XIV of the Companies Act, 1956 except Ponds & Reserveour, vehicle and plant & machinery which are remaining idle and going to retired asset.

e) Events Occurring after Balance Sheet Date

There is no materials events occurred after the Balance Sheet date for Reporting.

f) Miscellaneous Expenditure

Preliminary and share issue expenditure are amortised over a period of 10 years.

g) Treatment of Contingencies

Contingencies which can be reasonably ascertained are provided for.

h) Deferred Tax

Deferred tax is recognised subject the consideration of prudence on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

i) Related party transactions

There was no transaction with any related party during the year under audit.


Mar 31, 2012

A) Accounting Convention

The financial statements have been prepared on historical cost convention in accordance with the normally accepted accounting principles and the provisions of the Companies Act, 1956. These statements have been prepared in accordance with applicable mandatory Accounting Standards and relevant presentational requirements of the Companies Act, 1956.

b) Basis of Accounting

Income and expenses are accounted on accrual basis except claims..

c) Valuation of Inventories ,

Company follows the method of valuation of inventories valued at lower cost or net realizable value.

d) Fixed Assets

Fixed Assets are stated at cost of acquisition and subsequent improvement thereto.

The cost of acquisition includes taxes, duties, freight and other expenses related to acquisition and installation.

Expenditure relating to the project, incurred during the period of commissioning of the project is allocated to the respective fixed assets.

e) Depreciation

Depreciation on fixed assets is provided on written down value method at the rates laid down in Schedule - XIV of the Companies Act, 1956. Except Ponds & Reserve our vehicle and plant & machinery which are remaining idle and going to retired asset.

f) Events Occurring after Balance Sheet Date

Materials events occurring after the Balance Sheet date are taken into cognizance.

g) Miscellaneous Expenditure

Preliminary and share issue expenditure are amortised over a period of 10 years.

h) Treatment of Contingencies

Contingencies which can be reasonably ascertained are provided for.

i) Deferred Tax:

Deferred tax is recognised subject the consideration of prudence on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

j) Related party transactions:

There was no transaction with any related party during the year under audit.


Mar 31, 2010

A) Accounting Convention

The financial statements have been prepared on historical cost convention in accordance with the normally accepted accounting principles and the provisions of the Companies Act. 1956. These statements have been prepared in accordance with applicable mandatory Accounting Standards and relevant presentational requirements of the Companies Act. 1956.

b) Basis of Accounting

Income and expenses are accounted on accrual basis except claims..

c) Valuation of Inventories

Company follows the method of valuation of inventories valued at lower cost or net realizable value.

d) Fixed Assets

Fixed Assets are stated at cost of acquisition and subsequent improvement thereto. The cost of acquisition includes taxes, duties, freight and other expenses related to acquisition and installation.

Expenditure relating to the project, incurred during the period of commissioning of the project is allocated to the respective fixed assets.

e) Depreciation

Depreciation on fixed assets is provided on written down value method at the rates laid down in Schedule - XIV of the Companies Act, 1956. Except Ponds & Reserveour , vehicle and plant & machinery which are remaining idle and going to retired asset.

f) Events Occurring after Balance Sheet Date

Materials events occurring after the Balance Sheet date are taken into cognisance.

g) Miscellaneous Expenditure

Preliminary and share issue expenditure are amortised over a period of 10 years.

h) . Treatment of Contingencies

Contingencies which can be reasonably ascertained are provided for.

i) Deferred Tax:

Deferred tax is recognised subject the consideration of prudence on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

j) Related party transactions:

There was no transaction with any related party during the year under audit.

 
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