Home  »  Company  »  Trade Wings L  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Trade Wings Ltd. Company

Mar 31, 2017

GENERAL

Accounts are prepared on accrual basis in keeping with normally accepted accounting principles.

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, the provisions of the Companies Act, 2013 and the applicable Accounting Standards issued by the Institute of Chartered Accountants of India, except in the case of fixed assets as given below:

FIXED ASSETS

Fixed assets are stated at cost. Cost compromises purchase price and any other attributable cost to bring the asset to its working condition for its intended use. Depreciation on tangible fixed assets has been provided on Written Down Value (WDV) at the rates prescribed under schedule II of the Companies Act, 2013.

Fixed Assets are carried at cost less depreciation. Cost of Fixed Assets includes addition on account of revaluation of property situated in Adarsh Society and in Bhogilal Building.

DEPRECIATION

The company provides depreciation as under:

I Depreciation is provided as per the Written Down Method at the rates prescribed under Schedule II of the Companies Act, 2013.

II Depreciation on addition during the year is being provided on a pro rata basis from the date of addition of the asset.

III Depreciation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistent with the policy for book depreciation. The additional charge of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & Loss Account.

IV Assets costing less than Rs. 5,000/- acquired during the year have been depreciated at 100%.

REVENUE RECOGNITION

Revenue is derived from sale & purchase of foreign currencies, tour packages and air ticket bookings and other allied services.

Interest income is recognized on a time proportion basis by reference to the principle outstanding and at the rate applicable.

investments

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary nature.

INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end.

ACCOUNTING FOR INCOME AND EXPENSES:

Income and expenses are accounted in books of account on accrual basis

a) In the case of out - bound tour, invoices are raised on the basis of confirmation of tour received from the customers, but the income is recognized on the completion of the tour. Accordingly, amounts are shown as sundry debtors vis-a-vis advance from customers.

During the year, the Company had specified bank notes or other denomination notes as defined in MCA notification G.S.R. 308(E) dated March 31,2017 on the details of Specified Bank Notes (SBN) held and transacted during the period from November 8, 2016 to December 30, 2016, the denomination wise SBNs and other notes as per the notification is given below: Particulars for the purpose of this clause, the term ‘Specified Bank Notes’ shall have the same meaning provided in the notification of the Govt, of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E) dated the 8th November, 2016.

FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Current assets and liabilities not covered by Forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/losses are reflected in the Profit and Loss account.

Balance in Foreign Currency Accounts to the extent of Liabilities in Foreign Currencies is translated at the interbank selling rate.

RETIREMENT BENEFITS:

Contributions to Provident Fund and Pension fund are accounted on accrual basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuary.

CONTINGENT LIABILITIES:

Contingent Liabilities are not provided for but are disclosed separately.

Fixed Assets and other current assets used in the Company’s business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. The company believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.


Mar 31, 2015

GENERAL

Accounts are prepared on accrual basis in keeping w ith normally accepted accounting principles.

BASIS OF PREPARATION OF FINANCIAL STATEMENTS;

The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, the provisions of the Companies Act, 2013 and the applicable Accounting Standards issued by the institute of Chartered Accountants of India, except in the case of fixed assets as given below:

FIXED ASSETS

Fixed assets are stated at cost. Cost compromises purchase price and any other attributable cost to bring the asset to its working condition for its intended use. Depreciation on tangible fixed assets has been provided on Written Down Value (WDV) at the rates prescribed under schedule II of the Companies Act, 2013.

Fixed Assets are carried at cost less depreciation, Cost of Fixed Assets includes addition on account of revaluation of property situated in Adarsh Society and in Shogilal Building.

DEPRECIATION

The company provides depreciation as under:

1 Depreciation is provided as per the Written Down Method at the rates prescribed under Schedule

II of the Companies Act, 2013.

II Depreciation on addition during the year is being provided on a pro rata basis from the date of addition of the asset.

III Depreciation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistent with the policy for book depreciation. The additional charge of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & Loss Account.

IV Assets costing less than Rs. 5,000/- acquired during the year have been depreciated at 100%. INVESTMENTS

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary nature.

INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end.

ACCOUNTING FOR INCOME AND EXPENSES:

Income and expenses are accounted in books of account on accrual basis

a) In the case of out - bound tour, invoices are raised on the basis of confirmation of tour received from the customers, but the income is recognized on the completion of the tour. Accordingly, amounts are shown as sundry debtors vis-a-vis advance from customers.

FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Current assets and liabilities not covered by Forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/iosses are reflected in the Profit and Loss account.

Balance in Foreign Currency Accounts to the extent of Liabilities in Foreign Currencies is translated at the interbank selling rate.

RETIREMENT BENEFITS:

Contributions to Provident Fund and Pension fund are accounted on accrual basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuary.

CONTINGENT LIABILITIES

Contingent Liabilities are not provided for but are disclosed separately.


Mar 31, 2014

GENERAL

Accounts are prepared on accrual basis in keeping with normally accepted accounting principles.

BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, the provisions of the Companies Act, 1956 and the applicable Accounting Standards issued by the Institute of Chartered Accountants of India, except in the case of fixed assets as given below

FIXED ASSETS

Fixed Assets are carried at cost less depreciation. Cost of Fixed Assets includes addition on account of revaluation of property situated in Adarsh Society and in Bhogilal Building.

DEPRECIATION

The company provides depreciation as under:

I On written down value method in accordance with section 205 (2) (a) of the Companies Act, 1956, at the rates specified in Schedule XIV of the Companies Act, 1956.

II Depreciation on addition during the year is being provided on a pro rata basis from the date of addition of the asset.

III Depreciation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistent with the policy for book depreciation. The additional charge of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & Loss Account.

IV Assets costing less than Rs. 5,000/- acquired during the year have been depreciated at 100%. INVESTMENTS

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary nature.

INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end.

ACCOUNTING FOR INCOME AND EXPENSES:

Income and expenses are accounted in books of account on accrual basis

a) In the case of out - bound tour, invoices are raised on the basis of confirmation of tour received from the customers, but the income is recognized on the completion of the tour. Accordingly, amounts are shown as sundry debtors vis-a-vis advance from customers.

FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Current assets and liabilities not covered by Forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/losses are reflected in the Profit and Loss account. Balance in Foreign Currency Accounts to the extent of Liabilities in Foreign Currencies is translated at the interbank selling rate.

RETIREMENT BENEFITS:

Contributions to Provident Fund and Pension fund are accounted on accrual basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuary


Mar 31, 2013

GENERAL

Accounts an; prepared on accrual basis in keeping with normally accepted acquitting principles,

BASTS OF PKEPAR ATTON OF WNANCTAI, STATEMENTS:

The financial statements have been prepared under the historical cost conventiorL in accordance with tlis generally accepted accounting principles, trie provisions of (he Companies Act, 195ft and the applicable Accounting Standards issued by the Institute of Chartered Accountants of india, except in the case of fixed assets as given below:

FIXED ASSETS

Fixed Assets are carried at cost less depreciation. Cost of Fixed Assets includes addition on account of revaluation of property situated in Adarsh Society and in llhogiial Building,

DEPRECIATION

The company provides depreciation as under:

1 . On written down value method in accordance with section 205 (2) (a) of the Companies Act, 1956, at the rates specified in Schedule XIV of the Companies Act, 1556,

If Depreciation on addition during the year is being provided on a pro rata basis from the date of addition of the asset, Depredation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistent with the policy for book depreciation. The additiojial charge Of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & 1-oss Account.

IV Assets costing less than Rs-1000/- acquired during the year have been depreciated at 100%.

INVESTMENT

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary nature,

INVFNI O ItY VAl,VA 110JV

The stock of Foreign CiinencyhasbeenvaluedattheBankbuyingraieprev''ailingattheyearend.

AfrOITNTIISG FOB INCOME ANT) EXPENSES:

Income and expenses are accounted in boots of account on accrual basis

a) to the case ol out - bound lour, invoices are raised on the basis of confirmation Df tour received from the customers, but the income is recognized on the completion of the tour. Accordingly, amounts arc shown as sundry debtors vis-a-vis advance from customers.

ItETIREMENT BENEFITS;

CONTINGENT LIBRITI

Comirrgait Liabilities are not provided Ji-r but art disclosed separately,


Mar 31, 2012

1. GENERAL

Accounts are prepared on accrual basis in keeping with normally accepted accounting principles.

2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, the provisions of the Companies Act, 1956 and the applicable Accounting Standards issued by the Institute of Chartered Accountants of India, except in the case of fixed assets as given below:

3. FIXED ASSETS

Fixed Assets are carried at cost less depreciation. Cost of Fixed Assets includes addition on account of revaluation of property situated in Adarsh Society and in Bhogilal Building.

4. DEPRECIATION

The company provides depreciation as under:

I On written down value method in accordance with section 205 (2)(a) of the Companies Act, 1956, at the rates specified in Schedule XIV of the Companies Act, 1956..

II Depreciation on addition during the year is being provided on a pro rata basis from the date of addition of the asset.

III Depreciation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistent with the policy for book depreciation. The additional charge of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & Loss Account.

IV Assets costing less than Rs. 5,000/- acquired during the year have been depreciated at 100%.

5. INVESTMENTS

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary nature.

6. INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end.

7. ACCOUNTING FOR INCOME AND EXPENSES:

Income and expenses are accounted in books of account on accrual basis

a) In the case of out - bound tour, invoices are raised on the basis of confirmation of tour received from the customers, but the income is recognized on the completion of the tour. Accordingly, amounts are shown as sundry debtors vis-i-vis advance from customers.

8. FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Current assets and liabilities not covered by Forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/losses are reflected in the Profit and Loss account. Balance in Foreign Currency Accounts to the extent of Liabilities in Foreign Currencies is translated at the inter bank selling rate.

9. RETIREMENT BENEFITS:

Contributions to Provident Fund and Pension fund are accounted on accrual basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuary.

10. CONTINGENT LIABILITIES:

Contingent Liabilities are not provided for but are disclosed separately.


Mar 31, 2010

1. GENERAL

Accounts are prepared on accrual basis in keeping with normally accepted accounting principles.

2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The financial statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting principles, the provisions of the Companies Act, 1956 and the applicable Accounting Standards issued by the Institute of Chartered Accountants of India, except in the case of fixed assets as given below:

3. FIXED ASSETS

Fixed Assets are carried at cost less depreciation. Cost of Fixed Assets includes addition on account of revaluation of property situated in Adarsh Society and in Bhogilal Building.

4. DEPRECIATION

The company provides depreciation as under:

I On written down value method in accordance with section 205 (2)(a) of the Companies Act, 1956, at the rates specified in Schedule XIV of the Companies Act, 1956..

II Depreciation on addition during the year is being provided on a pro rata basis from the date of addition of the asset.

III Depreciation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistent with the policy for book depreciation. The additional charge of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & Loss Account.

IV Assets costing less than Rs. 5,000/- acquired during the year have been depreciated at 100%.

5. INVESTMENTS

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary nature.

6. INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end.

7. ACCOUNTING FOR INCOME AND EXPENSES:

Income and expenses are accounted in books of account on accrual basis

a) In the case of out - bound tour, invoices are raised on the basis of confirmation of tour received from the customers, but the income is recognized on the completion of the tour. Accordingly, amounts are shown as sundry debtors vis-a- vis advance from customers.

8. FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Current assets and liabilities not covered by Forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/losses are reflected in the Profit and Loss account. Balance in Foreign Currency Accounts to the extent of Liabilities in Foreign Currencies is translated at the inter bank selling rate.

9. RETIREMENT BENEFITS:

Contributions to Provident Fund and Pension fund are accounted on accrual basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuary.

10. CONTINGENT LIABILITIES:

Contingent Liabilities are not provided for but are disclosed separately.


Mar 31, 2004

1 INVESTMENTS

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary nature

2 INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end

3 ACCOUNTING FOR INCOME AND EXPENSES:

Income and expenses are accounted in hooks of account on accrual basis except

a) Dividend Income is accounted on cash basis

b) Insurance claims have been accounted on the basis of claims filed and accepted by the Insurance Company

4 FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the dale of transaction. Current assets and liabilities not covered by forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/losses are reflected in the Profit and loss account Balance in foreign Currency Accounts to the extent of Liabilities in foreign Currencies is translated at the interbank selling rate

5 RETIREMENT BENEFITS :

Contributions to Provident Fund and Pension fund are accounted on accrual basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuary

6 CONTINGENT LIABILITIES

Contingent Liabilities are not provided for but are disclosed separately


Mar 31, 2002

1. GENERAL

Accounts are prepared on accrual basis in keeping with normally accepted accounting principles.

2. FIXED ASSETS

Fixed Assets are carried at cost less depreciation. Cost of Fixed Assets includes addition on account of revaluation of building.

3. DEPRECIATION

The company provides depreciation as under:

I On written down value method in accordance with section 205 (2)(a) of the Companies Act. 1956, at the rates specified in Schedule XIV.

II Depreciation on addition during the year is being provided on a pro rata basis from the month of addition of the asset.

TIT Depreciation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistant with the policy for book depreciation. The additional charge of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & Loss Account.

IV Assets costing less than Rs. 5,000/- acquired during the year have been depreciated at 100%.

4. INVESTMENTS

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary in nature.

5. INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing at the year end.

6. ACCOUNTING FOR INCOME AND EXPENSES:

Income and expenses are accounted in books of account on accrual basis except:

a) Dividend Income is accounted on cash basis.

b) Insurance claims have been accounted on the basis of claims filed and accepted by the Insurance Company.

7. FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Current assets and liabilities not covered by Forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/losses are reflected in the Profit and Loss account. Balance in Foreign Currency Accounts to the extent of Liabilities in Foreign Currencies is translated at the interbank selling rate.

8. RETIREMENT BENEFITS:

Contributions to Provident Fund and Pension fund are accounted on accrual basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuary.

9. CONTINGENT LIABILITIES:

Contingent liabilities are not provided for but are disclosed separately.


Mar 31, 2000

1. GENERAL

Accounts are prepared on accrual basis in keeping with normally accepted accounting principles.

2. FIXED ASSETS

Fixed Assets are carried at cost less depreciation. Cost of Fixed Assets includes addition on account of revaluation of building.

3. DEPRECIATION

The company provides depreciation as under:

I On written down value method in accordance with section 205 (2)(a) of the Companies Act, 1956.

II Depreciation on addition during the year is being provided on a pro rata basis from the month of addition of the asset.

III Depreciation on additions due to revaluation to assets has been provided with reference to the balance useful life of the asset determined on a basis consistent with the policy for book depreciation. The additional charge of depreciation on account of revaluation is withdrawn from Revaluation Reserve and credited to the Profit & Loss Account.

IV Assets costing less than Rs. 5,000/- acquired during the year have been depreciated at the rate of 100%.

4. INVESTMENTS

Investments are stated at cost. Long Term Investments are stated at cost and provision for diminution in value of investment is made unless the diminution is of temporary in nature.

5. INVENTORY VALUATION

The stock of Foreign Currency has been valued at the Bank buying rate prevailing as at the year end.

6. ACCOUNTING FOR INCOME & EXPENSES:

Income and expenses are accounted in books of account on accrual basis except:

a) Dividend Income which is accounted on cash basis.

b) Insurance claims have been accounted on the basis of claims filed and accepted by the Insurance Company.

7 FOREIGN EXCHANGE TRANSACTIONS

Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of transaction. Current assets and liabilities not covered by Forward Exchange contracts are retranslated at year end exchange rates and the profit/loss so determined and also the realised exchange gains/losses are reflected in the Profit and Loss account. Balance in Foreign Currency Accounts to the extent of Liabilities in Foreign Currencies is translated at the interbank selling rate.

8 RETIREMENT BENEFITS :

Contributions to Provident Fund and Pension fund are accounted on actual liability basis. Liability in respect of leave encashment and gratuity due to employees is accounted on actuarial basis as certified by an approved Actuals

9 CONTINGENT LIABILITIES

Contingent Liabilities are not provided for but are disclosed separately.

Find IFSC