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Umred Agro Complex Ltd. Accounting Policies | Accounting Policy of Umred Agro Complex Ltd.
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Accounting Policies of Umred Agro Complex Ltd. Company

Mar 31, 2013

A. General

The accompanying financial statements have been prepared under the Historical Cost Convention and in accordance with the normally accepted accounting principles.

B. Capital Expenditure/ Fixed Assets

Fixed Assets are stated at historical cost less depreciation. Costs comprise of the purchase price and any cost attributed cost of bringing the asset to working condition for its intended use.

C. Investments Invest mentis are stated at cost.

D. Inventories

Stocks of raw materials, stores, spares, packing materials, chemicals and coal etc. are valued at Cost. Finished goods and stock- in-process are valued at Net Realizable Value.

E. Sales and Purchase

Sales and Purchase are recognized at the time of dispatch/ arrival of goods.

F. Other Income

Income from investments, interest, export incentives, rent etc. are accounted on accrual basis.

G. Prior Period Expenses/ Income

The Company follows the practice of making

adjustments through "Expenses/ Income under/over provided in previous years" in respect of extra ordinary transactions only pertaining to the period prior to current accounting period.

H. Depreciation

Depreciation has been provided as per Straight-line method & at the prescribed rates given under Schedule XIV of the Companies Act, 1956 as amended from time to time. Depreciation on Assets added during the period is provided on pro-rata basis.

I. Revenue and Expenditure Recognition Revenue is recognized when no significant uncertainties as to the measurability or reliability of any claim exist.

J. Retirement Benefits

Contributions to Provident Funds, payment of Gratuity and Leave encashment, as and when arise, are charged to revenue.

K. Deferred Revenue Expenditure

Preliminary & Share Issue Expenses are amortized over a period of Ten years. The expenditure incurred on advertising/ launching of branded consumer products is amortized over a period of Three years from the year of incurring expenditure.

L. Foreign Currency Transaction

Transactions in foreign currency are recorded at rates of exchange in force at the time transactions are effected. Exchange differences are accounted in the year of actual realisation.


Mar 31, 2012

General

The accompanying financial statements have been prepared under the Historical Cost Convention arid in accordance with the normally accepted accounting principles.

Capital Expenditure/ Fixed Assets

Fixed Assets are stated at historical cost less depreciation. Costs comprise of the purchase price and any cost attributed cost of bringing the asset to working condition for its intended use.

Investments

Investments are stated at cost.

Inventories

Stocks of raw materials, stores, spares, packing materials, chemicals and coal etc. are valued at Cost. Finished goods and stock-in- process are valued at Net Realisable Value.

Sales and Purchase

Sales and Purchase are recognised at the time of dispatch/ arrival of goods.

Other Income

Income from investments, interest, export incentives, rent etc. are accounted on accrual basis.

Prior Period Expenses/ Income

The Company follows the practice of making adjustments through "Expenses/ Income

under/over provided in previous years" in respect of extra ordinary transactions only pertaining to the period prior to current accounting period.

Depreciation

Depreciation has been provided as per Straight-line method & at the prescribed rates given under Schedule XIV of the Companies Act, 1956 as amended from time to time. Depreciation on Assets added during the period is provided on pro-rata basis.

Revenue and Expenditure Recognition

Revenue is recognised when no significant uncertainties as to the measurability or realisability of any claim exist.

Retirement Benefits

Contributions to Provident Funds, payment of Gratuity and Leave encashment, as and when arise, are charged to revenue.

Deferred Revenue Expenditure

Preliminary & Share Issue Expenses are amortized over a period of Ten years. The expenditure incurred on advertising/launching of branded consumer products is amortized over a period of Three years from the year of incurring expenditure.

Foreign Currency Transaction

Transactions in foreign currency are recorded at rates of exchange in force at the time transactions are effected. Exchange differences are accounted in the year of actual realisation.


Mar 31, 2011

1. General

The accompanying financial statements have been prepared under the Historical* Cost Convention and in accordance with the normally accepted accounting principles.

2. Capital Expenditure/ Fixed Assets

Fixed Assets are stated at historical cost less depreciation. Costs comprise of the purchase price and any cost attributed cost of bringing the asset to working condition for its intended use.

3. Investments Investments are stated at cost.

4. Inventories

Stocks of raw materials, stores, spares, packing materials, chemicals and coal etc. are valued at Cost. Finished goods and stock-in- process are valued at Net Realisable Value.

5. Sales and Purchase

Sales and Purchase are recognised at the time of dispatch/arrival of goods.

6. Other Income

Income from investments, interest, export incentives, rent etc. are accounted on accrual basis.

7. Prior Period Expenses/ Income

The Company follows the practice of making adjustments through "Expenses/ Income under/over provided in previous years" in respect of extra ordinary transactions only pertaining to the period prior to current accounting period.

8. Depreciation

Depreciation has been provided as per Straight-line method & at the prescribed rates given under Schedule XIV of the Companies Act, 1956 as amended from time to time. Depreciation on Assets added during the period is provided on pro-rata basis.

9. Revenue and Expenditure Recognition Revenue is recognised when no significant uncertainties as to the measurability or realisability of any claim exist.

10. Retirement Benefits

Contributions to Provident Funds, payment of Gratuity and Leave encashment, as and when arise, are charged to revenue.

11. Deferred Revenue Expenditure Preliminary & Share Issue Expenses are amortized over a period of Ten years. The expenditure incurred on advertising/launching of branded consumer products is amortized over,a period of Three years from the year of incurring expenditure.

12. Foreign Currency Transaction Transactions in foreign currency are recorded at rates of exchange in force at the time transactions are effected. Exchange differences are accounted in the year of actual realisation.


Mar 31, 2010

1. General

The accompanying financial statements have been prepared under the Historical Cost Convention and in accordance with the normally accepted accounting principles.

2. Capital Expenditure/ Fixed Assets

Fixed Assets are stated at historical cost less depreciation. Costs comprise of the purchase price and any cost attributed cost of bringing the asset to working condition for its intended use.

3. Investments Investments are stated at cost.

4. Inventories

Stocks of raw materials, stores, spares, packing materials, chemicals and coal etc. are valued at Cost. Finished goods and stock-in- process are valued at Net Realisable Value.

5. Sales and Purchase

Sales and Purchase are recognised at the time of dispatch/ arrival of goods.

6. Other Income

Income from investments, interest, export incentives, rent etc. are accounted on accrual basis.

7. Prior Period Expenses/ Income

The Company follows the practice of making adjustments through "Expenses/ Income under/over provided in previous years" in respect of extra ordinary transactions only pertaining to the period prior to current accounting period.

8. Depreciation

Depreciation has been provided as per Straight-line method & at the prescribed rates given under Schedule XIV of the Companies Act, 1956 as amended from time to time. Depreciation on Assets added during the period is provided on pro-rata basis.

9. Revenue and Expenditure Recognition

Revenue is recognised when no significant uncertainties as to the measurability or realisability of any claim exist.

10. Retirement Benefits

Contributions to Provident Funds, payment of Gratuity and Leave encashment, as and when arise, are charged to revenue.

11. Deferred Revenue Expenditure Preliminary & Share Issue Expenses are amortized over a period of Ten years. The expenditure incurred on advertising/launching of branded consumer products is amortized over a period of Three years from the year of incurring expenditure.

12. Foreign Currency Transaction Transactions in foreign currency are recorded at rates of exchange in force at the time transactions are effected. Exchange differences are accounted in the year of actual realisation.

 
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