Home  »  Company  »  V R Woodart Ltd.  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of V R Woodart Ltd. Company

Dec 31, 2014

1. BASIS OF ACCOUNTING:

The financial statements are prepared on accrual basis and in accordance with the requirements of the Companies Act, 1956.

2. FIXED ASSETS:

Fixed assets are stated at cost less accumulated depreciation. The Company capitalises all costs relating to the acquisitions and installations of fixed assets.

3. DEPRECIATION:

Depreciation is provided under the Straight Line Method on single shift basis at the rates provided by Schedule XIV to the Companies Act, 1956 on Buildings, Plant & Machinery, Electrical installation, Furniture and Fixtures and on Written Down Value method on Vehicles, Computer and the Other assets at the rates prescribed in Schedule XIV to the Companies Act, 1956.

4. INVENTORIES:

(a) Raw materials are valued at cost or net realisable value whichever is lower

(b) Work in progress are valued at cost or net realisable value whichever is lower

(c) Finished goods are valued at cost or net realisable value whichever is lower. Cost of work in progress and finished products comprises expenditure incurred in the normal course of business in bringing such inventories to its present location and includes production & administrative overheads based on normal level of activity.

5. FOREIGN CURRENCY TRANSACTION

Foreign currency transactions are translated into Indian Rupees at actual amounts realised / paid as the case may be. Unrealised Sales Invoices / Debtors are valued at the rate prevailing on the date of Balance Sheet.

6. SALES:

Sales are exclusive of duties and sales tax.

7. RETIREMENT BENEFIT:

Contribution to the Provident Fund and Family Pension Fund are charged to Profit & Loss Account

8. CONTINGENT LIABILITIES:

Liabilities which are of contingent nature are disclosed by way of Notes and such liabilities which are likely to mature are provided for.

9. DEFERRED TAX

The Company provides for the deferred tax using liability method based on the tax effect of timing difference resulting from the recognition of terms in the financial statements. Deferred tax assets are recognised only if reasonable possibility of adjustment is there.


Dec 31, 2013

1. BASIS OF ACCOUNTING:

The financial statements are prepared on accrual basis and in accordance with the requirements of the Companies Act, 1956.

2. FIXED ASSETS:

(a) Fixed assets are stated at cost less accumulated depreciation. The Company capitalises all costs relating to the acquisitions and installations of fixed assets.

3. DEPRECIATION:

Depreciation is provided under the Straight Line Method on single shift basis at the rates provided by Schedule XIV to the Companies Act, 1956 on Buildings, Plant & Machinery, Electrical installation, Furniture and Fixtures and on Written Down Value method on Vehicles, Computer and the Other assets at the rates prescribed in Schedule XIV to the Companies Act, 1956.

4. INVENTORIES:

(a) Raw materials are valued at cost or net realisable value whichever is lower

(b) Work in progress are valued at cost or net realisable value whichever is lower

(c) Finished goods are valued at cost or net realisable value whichever is lower. Cost of work in progress and finished products comprises expenditure incurred in the normal course of business in bringing such inventories to its present location and includes production & administrative overheads based on normal level of activity.

5. FOREIGN CURRENCY TRANSACTION

Foreign currency transactions are translated into Indian Rupees at actual amounts realised / paid as the case may be. Unrealised Sales Invoices / Debtors are valued at the rate prevailing on the date of Balance Sheet.

6. SALES:

Sales are exclusive of duties and sales tax.

7. RETIREMENT BENEFIT:

Contribution to the Provident Fund and Family Pension Fund are charged to Profit & Loss Account

8. CONTINGENT LIABILITIES:

Liabilities which are of contingent nature are disclosed by way of Notes and such liabilities which are likely to mature are provided for.

9. DEFERRED TAX

The Company provides for the deferred tax using liability method based on the tax effect of timing difference resulting from the recognition of terms in the financial statements. Deferred tax assets are recognised only if reasonable possibility of adjustment is there.


Dec 31, 2012

1. BASIS OF ACCOUNTING:

The financial statements are prepared on accrual basis and in accordance with the requirements of the ; Companies Act, 1956. ;

2. FIXED ASSETS:

(a) Fixed assets are stated at cost less accumulated depreciation. The Company capitalizes all costs relating to the acquisitions and installations of fixed assets.

3. DEPRECIATION:

Depreciation is provided under the Straight Line Method on single shift basis at the rates provided by Schedule XIV to the Companies Act, 1956 on Buildings, Plant & Machinery, Electrical installation, Furniture and Fixtures , and on Written Down Value method on Vehicles, Computer and the Other assets at the rates prescribed in Schedule XIV to the Companies Act, 1956.

4. INVENTORIES:

(a) Raw materials are valued at cost or net realizable value whichever is lower

(b) Work in progress are valued at cost or net realizable value whichever is lower

(c) Finished goods are valued at cost or net realizable value whichever is lower. Cost of work in progress and j finished products comprises expenditure incurred in the normal course of business in bringing such j inventories to its present location and includes production & administrative overheads based on normal j level of activity.

5. FOREIGN CURRENCY TRANSACTION

Foreign currency transactions are translated into Indian Rupees at actual amounts realized / paid as the rise may be. Unrealized Sales Invoices / Debtors are valued at the rate prevailing on the date of Balance Sheet.

6. SALES:

Sales are exclusive of duties and sales tax.

7. RETIREMENT BENEFIT:

Contribution to the Provident Fund and Family Pension Fund are charged to Profit & Loss Account

8. CONTINGENT LIABILITIES:

Liabilities which are of contingent nature are disclosed by way of Notes and such liabilities which are likely to mature are provided for.

9. DEFERRED TAX

The Company provides for the deferred tax using liability method based on the tax effect of timing difference I resulting from the recognition of terms in the financial statements. Deferred tax assets are recognized or ,'' if i reasonable possibility of adjustment is there.


Dec 31, 2011

1. BASIS OF ACCOUNTING:

The financial statements are prepared on accrual basis and in accordance with the requirements of the Companies Act, 1956.

2. FIXED ASSETS:

(a) Fixed assets are stated at cost less accumulated depreciation. The Company capitalizes all costs relating to the acquisitions and installations of fixed assets.

3. DEPRECIATION:

Depreciation is provided under the Straight Line Method on single shift basis at the rates provided by Schedule XIV to the Companies Act, 1956 on Buildings, Plant & Machinery, Electrical Installation, Furniture and Fixtures and on Written Down Value method on Vehicles and the Other Assets at the rates prescribed in Schedule XIV to the Companies Act, 1956.

4. INVENTORIES:

(a) Raw materials are valued at cost.

(b) Work in progress are valued at cost

(c) Finished goods are valued at cost or net realisable value whichever is lower. Cost of work in progress and finished products comprises expenditure incurred in the normal course of business in bringing such inventories to its present location and includes production & administrative overheads based on normal level of activity.

5. FOREIGN CURRENCY TRANSACTION

Foreign currency transactions are translated into Indian Rupees at actual amounts realised / paid as the case may be. Unrealised Sales Invoices / Debtors are valued at the rate prevailing on the date of Balance Sheet.

6. SALES:

Sales are exclusive of duties and sales tax.

7. RETIREMENT BENEFIT:

Contribution to the Provident Fund and Family Pension Fund are charged to Profit & Loss Account

8. CONTINGENT LIABILITIES:

Liabilities which are of contingent nature are disclosed by way of Notes and such liabilities which are likely to mature are provided for.

9. DEFERRED TAX

The Company provides for the deferred tax using liability method based on the tax effect of timing difference resulting from the recognition of terms in the financial statements. Deferred tax assets are recognised only if reasonable possibility of adjustment is there.