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Accounting Policies of Tumus Electric Corporation Ltd. Company

Mar 31, 2015

1. Basis of Preparation of Financial Statements - The financial statements are prepared and presented under the historical cost convention, on the accrual basis of accounting and in accordance with the provisions of the Companies Act, 1956 ('the Act'), and the accounting principles generally accepted in India and comply with the accounting standards prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards, to the extent applicable. The financial statement are prepared and presented in the form set out in Part I and Part II of Revised Schedule of the Act, so far as they are applicable thereto. The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Act. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

2. Cash Flow Statement has been prepared under the indirect method as set out in the Accounting Standard (AS) 3: "Cash Flow Statement" issued by the ICAI.

3. Fixed Assets / Intangible Assets - Company does not own any fixed asset.

4. Inventories - Company does not have any inventories

5. Contingent Liabilities – Nil

6. Investments are valued at cost

7. Earnings Per Share - Basic & Diluted earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

8. Revenue Recognition - Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

9. Retirement and Other Employee Benefits - Liability in respect of gratuity to employees is accounted for and as and when paid.

10. Taxation – The company is incurring losses

11. Previous year's figures have been regrouped, rearranged or reclassified wherever necessary.


Mar 31, 2014

Basis of Preparation of Financial Statements

The financial statements are prepared and presented under the historical cost convention, on the accrual basis of accounting and in accordance with the provisions of the Companies Act, 1956 (''the Act''), and the accounting principles generally accepted in India and comply with the accounting standards prescribed in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government, in consultation with the National Advisory Committee on Accounting Standards, to the extent applicable.

The financial statement are prepared and presented in the form set out in Part I and Part II of Revised Schedule VI of the Act, so far as they are applicable thereto.

The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Act. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

Cash Flow Statement has been prepared under the indirect method as set out in the Accounting Standard (AS) 3: "Cash Flow Statement" issued by the ICAI.


Mar 31, 2013

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under historical cost convention in accordance with the generally accepted accounting principles and accounting standards specified to be mandatory by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956.

b, The company generally follows mercantile system of accounting and recognises significant items of income and expenditure on accrual basis,

2. FIXED ASSETS AND DEPRECIATION

a. Fixed assets are stated at cost less accumulated depreciation. All costs, including those charged by other divisions of the company, attributable to the fixed assets arc capitalised.

b. The company has shut down its main operation; and disposed off entire operational assets, however the management has provided depreciation on newly acquired assets as per own estimates.

3. INVENTORIES

The operation is not carrying on hence any Inventories and works in progress are valued at cost.

4. BAD DEBTS

Doubtful debts / Advances are written off in the year in which these are considered to be irrecoverable. Similarly, liabilities are written back in the year when considered as no longer payable.

5. INCOME-TAX

The deferred lax is not recognised, subject to the consideration of prudence accounting policies, because no any timing difference being the difference between the taxable incomes and accounting income that originate in one period and is capable of reversal in one or more subsequent periods.


Mar 31, 2012

1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under historical cost convention in accordance with the generally accepted accounting principles and accounting standards specified to be mandatory by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956.

b. The company generally follows mercantile system of accounting and recognises significant items of income and expenditure on accrual basis.

2. FIXED ASSETS AND DEPRECIATION

a. Fixed assets are stated at cost less accumulated depreciation. All costs, including those charged by other divisions of the company, attributable to the fixed assets are capitalised.

b. The company has shut down its main operation; and disposed off entire operational assets, however the management has provided depreciation on newly acquired assets as per own estimates.

3. INVENTORIES

The operation is not carrying on hence any Inventories and works in progress are valued at cost.

4. BAD DEBTS

Doubtful debts / Advances are written off in the year in which these are considered to be irrecoverable. Similarly, liabilities are written back in the year when considered as no longer payable.

5. INCOME-TAX

The deferred tax is not recognised, subject to the consideration of prudence accounting policies, because no any timing difference being the difference between the taxable incomes and accounting income that originate in one period and is capable of reversal in one or more subsequent periods.


Mar 31, 2011

I BASIS OF PKEPAKATION OF FINANCIAL STATEMENTS

a. The inancial statements have been prepared under historical cost convention in accordance with the generally accepted accounting principles and accounting specified to be mandatory by the Institute of Chartered Accountants of India and the provisions of the Companies Act. 1956.

b. The company generally follows mercantile system of accounting and recognises significant items of income and expenditure on accrual basis.

2. FIXEId ASSIIS AND DEPRECIATION

a. Fixed assets are stated at cost less accumulated depreciation. All costs, including those charged by other divisions of the company, attributable to the fixed assets are capitalised.

b. I he company has shutdown its main operation; and disposed off entire operational assets, however the management has provided depreciation on newly acquired assets.

3. INVENTORIES

The operation is not carrying on hence no Inventories and work in progress arEvalued at cost.

4. BAD DEBTS

Doubtful debts / Advances arc written off in the year in which these are considered to be irrecoverable. Similarly, liabilities are written back in the year when considered as no longer payable.

5. INCOME-TAX

The deffered hot recognised, subject to the consideration of prudence accounting policies, because no any timing difference being the difference between the taxable incomes and accounting income that originate in one period and is capable of reversal in one or more subsequent periods.

 
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