Accounting Policies of Tribhuvan Housing Ltd. Company

Mar 31, 2014

1. ''BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS

The Financial Statements are prepared under the historical cost convention on the basis of going concern and in accordance with the Generally Accepted Accounting Principles in India (GAAP) and provisions of the Companies Act, 1956.

2. USE OF ESTIMATES

The preparation of financial statements are in conformity with generally accepted accounting principles, requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and the differences between actual results and estimates are recognized in the periods in which the results are known/ materialize.

3. REVENUE RECOGNITION

Income from real estate sales is recognized on the transfer of all significant risks and rewards of the owner-ship to the buyers and it is not unreasonable to expect ultimate collection.

The Company follows completed contract method of accounting in respect of its construction activity. Under this method profit in respect of units sold is recognized only when the work in respect of the relevant units are completed or substantially completed, which is determined on technical estimates.

The construction and development cost for completion relating to sold units, which are considered for profit are estimated on the basis technical evaluation.

Revenue is recognized when it is earned and no significant uncertainty exists as to its realization or collection.

4. FIXED ASSETS & DEPRECIATION

There are no Fixed Assets with the Company so depreciation is not applicable.

5. EMPLOYEE RETIREMENT BENEFITS :

i) PROVIDENT FUND

There were no employee during the year so Provident Fund is not applicable.

ii) GRATUITY :

6. INVENTORIES :

There are no inventories with the company.

7. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29)

a. The provisions are recognized and measured by using a substantial degree of estimation.

b. Contingent liabilities and contingent assets are disclosed after a careful evaluation of the facts and legal aspects of the matter involved in issue.

There were no employee during the year so Gratuity is not applicable.

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Mar 31, 2013

1. BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS

The Financial Statements are prepared under the historical cost convention on the basis of going concern and in accordance with the Generally Accepted Accounting Principles in India (GAAP) and provisions of the Companies Act, 1956.

2. USE OF ESTIMATES

The preparation of financial statements are in conformity with generally accepted accounting principles, requires estimates and assumptions to be made that afect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could difer from these estimates and the diferences between actual results and estimates are recognized in the periods in which the results are known/ materialize.

3. REVENUE RECOGNITION

Income from real estate sales is recognized on the transfer of all significant risks and rewards of the ownership to the buyers and it is not unreasonable to expect ultimate collection.

The Company follows completed contract method of accounting in respect of its construction activity. Under this method profit in respect of units sold is recognized only when the work in respect of the relevant units are completed or substantially completed, which is determined on technical estimates.

The construction and development cost for completion relating to sold units, which are considered for profit are estimated on the basis technical evaluation.

Revenue is recognized when it is earned and no significant uncertainty exists as to its realization or collection.

4.FIXED ASSETS & DEPRECIATION

There are no Fixed Assets with the Company so depreciation is not applicable.

5. EMPLOYEE RETIREMENT BENEFITS : i) PROVIDENT FUND

There was no employee during the year so Provident Fund is not applicable.

ii) GRATUITY :

There was no employee during the year so Gratuity is not applicable.

6. INVENTORIES :

There are no inventories with the company.

7. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29)

a. The provisions are recognized and measured by using a substantial degree of estimation.

b. Contingent liabilities and contingent assets are disclosed after a careful evaluation of the facts and legal aspects of the matter involved in issue.

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Mar 31, 2012

1. 'BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL STATEMENTS

The Financial Statements are prepared under the historical cost convention on the basis of going concern and in accordance with the Generally Accepted Accounting Principles in India (GAAP) and provisions of the Companies Act' 1956.

2. USE OF ESTIMATES

The preparation of financial statements are in conformity with generally accepted accounting principles' requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and the differences between actual results and estimates are recognized in the periods in which the results are known/ materialize.

3. PROVISIONS' CONTINGENT LIABILITIES AND CONTINGENT ASSETS (AS-29)

a. The provisions are recognized and measured by using a substantial degree of estimation.

b. Contingent liabilities and contingent assets are disclosed after a careful evaluation of the facts and legal aspects of the matter involved in issue.

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Mar 31, 2011

1. General

The Financial Statements of the Company are prepared on the 'Historical Cost' basis confirmation to the statutory provisions and accepted prevailing accounting practices except as otherwise stated.

2. Fixed Assets

Fixed Assets are accounted for at historical cost which includes Freight, Installation Cost, duties, taxes and other incidental expenses incurred during installation stage. Entire Fixed Assets have been written off as there were no details and records available.

3. Investments in Securities

Investments have been written off as there were no records available.

4. Preliminary and Share Issue expenses

Preliminary and share issue expenses are amortized over the period often accounting years.

5. Taxation

No provision of taxation has been made during the year.

6. Deferred Income Tax

The company accounts for taxed on income to include the effect of timing differences in the Profit & Loss A/c. and deferred tax assets/- liabilities in the Balance Sheet in accordance with the accounting standards AS-22 on 'accounting for Taxes on Income' issued by the ICAI. The effect of significant timing difference that results in a deferred tax liability as at the end of the year, is on account of Depreciation Since no provision of depreciation has been made hence no provision for def. tax assets/liabilities have been made.

7. All the items of current assets have been written off during the year, since no records and details were maintained or available in respect of the same.

8. The balances of creditors are subject to confirmation/ reconciliation.

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Mar 31, 2010

1. General

The Financial Statements of the Company are prepared on the Historical Cost basis confirmation to the statutory provisions and accepted prevailing accounting practices except as otherwise stated.

2. Fixed Assets

Fixed Assets are accounted for at historical cost which includes Freight, Installation Cost, duties, taxes and other incidental expenses incurred during installation stage.

3. Investments in Securities

Long term investments are stated as cost.

4. Preliminary and Share Issue expenses

Preliminary and share issue expenses are amortised over the period of ten accounting years.

5. Taxation

Provision for taxation has been made in accordance with Income Tax Laws and Rules prevailing at the time of the relevant assessment years.

6. Deferred Income Tax

The company accounts for taxed on income to include the effect of timing differences in the Profit 86 Loss A/c. and deferred tax assets/- liabilities in the Balance Sheet in accordance with the accounting standards AS-22 on accounting for Taxes on Income issued by the ICAI. The effect of significant timing difference that results in a deferred tax liability as at the end of the year, is on account of Depreciation

7. In the opinion of the Board, all the items of current assets, loans and advances have a value on the realization in the ordinary course of business at least equal to amount at which they are stated.