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Accounting Policies of Vaishnavi Gold Ltd. Company

Mar 31, 2010

1. Basis of Accounting:

The Financial Statements are prepared under historical cost convention in accordance with generally accepted accounting principles in india and provisions of Companies Act, 1956.

2. Fixed Assets:

Fixed Assets are stated cost less accumulated depreciation, cost comprises purchases price, including import duties and other non-refundable taxes or levies and any directly attributable cost of bringing the asset to its working condition for the intended use.

3. Depreciation:

Depreciation on Fixed Assets is provided under Straight line Method (SLM) at the rates specified in Schedule XIV of the Companies Act, 1956.

4. Revenue Recognition:

The income from the some is recognised as and when invoices are made and raised on the client.

5. Preliinary Expenditure:

Expenditure incurred for the process of merging is amortised over the period of 5 years from the year in which merger has taken place.

6. Deferred Tax:

Deferred tax is accounted for by computing the tax effect of timing differences, which arise during the period and reverse in subsequent periods.

7. Cash Flow Statement:

Cash Flows are reported using Indirect Method in accordance with AS-3 namely "Cash Flow Statement" issued by ICAI.

Oct 27, 3:53 pm
Oct 27, 4:14 pm
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