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Accounting Policies of Venkat Pharma Ltd. Company

Mar 31, 2013

1.1 General:

The Company follows accrual system of accounting and recognizes income and expenditure on accrual basis unless otherwise stated. The accounts are prepared on historical cost convention, unless otherwise stated.

1.2 Fixed Assets:

a. Fixed Assets are stated at cost, unless stated otherwise. Cost comprises the purchases price and other attributable expenses.

b. Revaluation: The net increase in the value of the assets is credited to the Revaluation Reserve. Provision for depreciation on such re-valued assets, if any, is adjusted from the Revaluation Reserve account.

1.3 Depreciation of Fixed Assets:

Depreciation on all Fixed Assets has not been provided for the year 2012-13 due to Non functioning of the unit. Depreciation provided on Vehicles & Building.

1.4 Investments:

Investments are stated at cost less any diminution in their value, which is other than temporary.

1.5 Foreign Currency Transactions: No Transactions during the year.

1.6 Miscellaneous Expenditure:

Public issue Expenses are being written off at the rate of one tenth each year. However due to non earning of company the written of not considered in present year and will be review in future.

1.7 Inventories:

The Previous year values are taken in this year due to non operation of the company.

1.8 Taxes on Income:

Current tax is determined as the amount of tax payable in respect of taxable income for the period, deferred tax is recognized subject to consideration of prudence, n timing differences, being the difference between taxable income and accounting income that original in one period and is capable of reversal in one or more subsequent periods.

1.9 Sales:

No sales during the year.

Oct 25, 4:01 pm
Oct 25, 4:14 pm
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