Home  »  Company  »  Universal Office Aut  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Universal Office Automation Ltd. Company

Jun 30, 2015

A. Use of estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future period.

b. Tangible fixed assets

Fixed assets are stated at cost/revalued amount where applicable, less depreciation. The cost comprises purchase price and directly attributable cost of bringing asset to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

Land, Building, Plant & Machinery and Capital Work-in-Progress were revalued by a registered valuer as at 30th June, 1992 after considering depreciation upto that date on the governing principle of Current Replacement Cost and amount added on revaluation Rs. 146.12 lacs. Revaluation reserve was adjusted against goodwill created in a prior year on amalgamation and against sale/ surrender of land and building.

Fixed assets other than book value of land and building were technically evaluated and on the basis of useful lives and obsolescence Rs. 632.46 lacs was devalued and charged to the profit and loss account for the year ended October 31, 1997.

c. Depreciation on tangible fixed assets

Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act,2013.

d. Investments

Investments are stated at cost of acquisition, inclusive of expenditure incidental to acquisition. Long-term (non-trade) investments not held for immediate sale are valued at cost less permanent diminution in value, if any. Current investments are valued at lower of cost and fair/ market value in aggregate; Income from investments is recognised in the accounts in the year in which it is accrued.

e. Inventories

Finished goods are valued at lower of cost and net realisable value. Excise duty on finished goods is included in cost only if paid.

f. Revenue Recognition

Sale of scrap is recognized on disposal of scrap.

g. Income Taxes

Deferred tax assets as per Accounting Standard 22 has not been recognized and carried forward in view of absence of reasonable certainty about the sufficient future taxable income.

Minimum Alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax.

h. Earning per share

Basic 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.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period adjusted for the effects of all dilutive potential equity shares.

i. Contingent Liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognised because it cannot be measured reliably. The company does not recognise a contingent liability but discloses its existence in the financial statements.

j. Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand.


Mar 31, 2014

A. Use of estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and actions, uncertainity about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future period.

b. Tangible fixed assets

Fixed assets are stated at cost/revalued amount where applicable, less depreciation. The cost comprises purchase price and directly attributable cost of bringing asset to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

Land, Building, Plant & Machinery and Capital Work-in-Progress were revalued by a registered valuer as at 30th June, 1992 after considering depreciation upto that date on the governing principle of Current Replacement Cost and amount added on revaluation Rs. 146.12 lacs. Revaluation reserve was adjusted against goodwill created in a prior year on amalgamation and against sale/ surrender of land and building.

Fixed assets other than book value of land and building were technically evaluated and on the basis of useful lives and obsolescence Rs. 632.46 lacs was devalued and charged to the profit and loss account for the year ended October 31, 1997.

c. Depreciation on tangible fixed assets

Depreciation has been calculated under straight-line method on:

(a) Assets acquired prior to 1.5.1986 at the rates computed in the respective years of acquisition of those assets as per section 205(2)(b) of the Companies Act, 1956.

(b) Assets acquired on or after 1.5.1986 and before 16.12.1993 on a pro-rata basis at the rates specified in Schedule XIV of the Companies (Amendment) Act, 1988.

(c) Assets acquired on or after 16.12.1993 on a pro-rata basis at the rates specified in the notification GSR No. 756 E dated 16.12.1993 as per the Schedule XIV of the Companies Act, 1956.

d. Investments

Investments are stated at cost of acquisition, inclusive of expenditure incidental to acquisition. Long-term (non-trade) investments not held for immediate sale are valued at cost less permanent diminution in value, if any. Current investments are valued at lower of cost and fair/ market value in aggregate; Income from investments is recognised in the accounts in the year in which it is accrued.

e. Inventories

Finished goods are valued at lower of cost and net realisable value. Excise duty on finished goods is included in cost only if paid.

f. Revenue Recognition

Sale of scrap is recognized on disposal of scrap.

g. Income Taxes

Deferred tax assets as per Accounting Standard 22 has not been recognized and carried forward in view of absence of reasonable certainty about the sufficient future taxable income.

Minimum Alernate tax(MAT) paid in a year is charged to the statement of profit and loss as current tax.

h. Earning per share

Basic 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.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period adjusted for the effects of all dilutive potential equity shares .

i. Contingent Liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognised because it cannot be measured reliably. The company does not recognise a contingent liability but discloses its existence in the financial statements

j. Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand.




Mar 31, 2013

A. Use of estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the end of the reporting period. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainity about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future period.

b. Tangible fixed assets

Fixed assets are stated at cost/revalued amount where applicable, less depreciation. The cost comprises purchase price and directly attributable cost of bringing asset to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

Land, Building, Plant & Machinery and Capital Work-in-Progress were revalued by a registered valuer as at 30th June, 1992 after considering depreciation upto that date on the governing principle of Current Replacement Cost and amount added on revaluation Rs. 146.12 lacs. Revaluation reserve was adjusted against goodwill created in a prior year on amalgamation and against sale/ surrender of land and building.

Fixed assets other than book value of land and building were technically evaluated and on the basis of useful lives and obsolescence Rs. 632.46 lacs was devalued and charged to the profit and loss account for the year ended October 31, 1997.

c. Depreciation on tangible fixed assets

Depreciation has been calculated under straight-line method on:

(a) Assets acquired prior to 1.5.1986 at the rates computed in the respective years of acquisition of those assets as per section 205(2)(b) of the Companies Act, 1956.

(b) Assets acquired on or after 1.5.1986 and before 16.12.1993 on a pro-rata basis at the rates specified in Schedule XIV of the Companies (Amendment) Act, 1988.

(c) Assets acquired on or after 16.12.1993 on a pro-rata basis at the rates specified in the notification GSR No. 756 E dated 16.12.1993 as per the Schedule XIV of the Companies Act, 1956.

d. Investments

Investments are stated at cost of acquisition, inclusive of expenditure incidental to acquisition. Long-term (non-trade) investments not held for immediate sale are valued at cost less permanent diminution in value, if any. Current investments are valued at lower of cost and fair/ market value in aggregate; Income from investments is recognised in the accounts in the year in which it is accrued.

e. Inventories

Finished goods are valued at lower of cost and net realisable value. Excise duty on finished goods is included in cost only if paid.

f. Revenue Recognition

Sale of scrap is recognized on disposal of scrap.

g. Income Taxes

Deferred tax assets as per Accounting Standard 22 has not been recognized and carried forward in view of absence of reasonable certainty about the sufficient future taxable income.

Minimum Alernate tax(MAT) paid in a year is charged to the statement of profit and loss as current tax.

h. Earning per share

Basic 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.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period adjusted for the effects of all dilutive potential equity shares .

i. Contingent Liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognised because it cannot be measured reliably. The company does not recognise a contingent liability but discloses its existence in the financial statements

j. Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand.


Mar 31, 2010

1. BASIS OF ACCOUNTING

The financial statements are prepared under the historical cost convention on accrual basis. Duty drawbacks and insurance claims are accounted for as and when admitted by the respective authorities.

2. FIXED ASSETS

Fixed assets are stated at cost/ revalued amounts where applicable, less depreciation.

3. DEPRECIATION

Depreciation has been calculated under straight- line method on:

(a) Assets acquired prior to 1.5.1986 at the rates computed in the respective years of acquisition of those assets as per section 205(2)(b) of the Companies Act, 1956.

(b) Assets acquired on or after 1.5.1986 and before 16.12.1993 on a pro-rata basis at the rates specified in Schedule XIV of the Companies (Amendment) Act, 1988.

(c) Assets acquired on or after 16.12.1993 on a pro-rata basis at the rates specified in the notification GSR No. 756 E dated 16.12.1993 as per the Schedule XIV of the Companies Act, 1956.

4. INVESTMENTS

Investments are stated at cost of acquisition, inclusive of expenditure incidental to acquisition. Long-term (non-trade) investments not held for immediate sale, are valued at cost less permanent diminution in value, if any. Current investments are valued at lower of cost and fair/ market value in aggregate; Income from investments is recognised in the accounts in the year in which it is accrued.

5. INVENTORIES

Finished goods are valued at lower of cost and net realisable value. Excise duty on finished goods is included in cost only if paid.

6. REVENUE RECOGNITION

Sale of scrap is recognized on disposal of scrap.

 
Subscribe now to get personal finance updates in your inbox!