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Accounting Policies of Venus Universal Ltd. Company

Mar 31, 2014

1. Accounting Convention:

The accounts of the company are prepared under historical cost convention and in accordance with the applicable accounting standards and provisions of the Companies Act, 1956. as adopted consistently by the company except where otherwise stated. Mercantile system of accounting is followed. .

2. Revenue Recognition:

All incomes to the extent receivable are accounted for on accrual basis.

3. Fixed Assets:

Fixed assets are stated at cost of acquisition or construction and as increased by the cost of improvement less depreciation.

4. Depreciation:

Depreciation has been provided on straight line method at the rates specified in schedule XIV of The Companies Act, 1956. However due to inadequacy of profit, the company has not provided depreciation for the Portal www.eyeus.com. Depreciation as per schedule XIV for the said portal was 16.21% P.A. The impact of Non provision of deprecation on the profit & loss A/c is of Rs 1,52,24,837.00 for the year 2013-2014.

5. Investments:

Investments are stated at cost or realizable value whichever is lower.

6. Inventories:

Inventories are certified by the management are valued at net realizable value whichever is less. Cost is arrived at on first in first out basis.

7. Retirement Benefit: ,

There are not many employees working in the company. None of the employees have Completed five years services. No leave encashment policy in the company.


Mar 31, 2010

1. Accounting Convention:

The accounts of the company are prepared under historical cost convention and in accordance with the applicable accounting standards and provisions of the Companies Act, 1956. as adopted consistently by the company except where otherwise stated. Mercantile system of accounting is followed.

2. Revenue Recognition:

All incomes to the extent receivable are accounted for on accrual basis.

3. Fixed Assets : .

Fixed assets are stated at cost of acquisition or construction and as increased by the cost of improvement less depreciation.

4. Depreciation:

Depreciation has been provided on straight line method at the rates specified in schedule XIV of The Companies Act, 1956., However due to inadequacy of profit, the company has not provided depreciation for the Portal www.eyeus.com. Depreciation as per schedule XIV for the said portal was 16.21% P.A. The impact of Non provision of deprecation on the profit & loss A/c is of Rs 1,52,24,837.00 for the year 2009-2010.

5. Investments :

Investments are stated at cost or realizable value whichever is lower.

6. Inventories :

Inventories are certified by the management are valued at net realizable value whichever is less. Cost is arrived at on first in first out basis.

7. Retirement Benefit:

There are not many employees working in the company. None of the employees have completed five years services. No leave encashment policy in the company.


Mar 31, 2009

1. Accounting Convention:

The accounts of the company are prepared under historical cost convention and in accordance with the applicable accounting standards and provisions of the Companies Act, 1956. as adopted consistently by the company except where otherwise stated. Mercantile system of accounting is followed.

2. Revenue Recognition:

All incomes to the extent receivable are accounted for on accrual basis.

3. Fixed Assets:

Fixed assets are stated at cost of acquisition or construction and as increased by the cost of improvement less depreciation.

4. Depreciation:

Depreciation has been provided on straight line method at the rates specified in schedule XIV of The Companies Act, 1956., However due to inadequacy of profit, the company has not provided depreciation for the Portal www.eyeus.com. Depreciation as per schedule XIV for the said portal was 16.21% P.A. The impact of Non provision of deprecation due to this to. the profit & loss A/c Rs 1,52,24,837.00 for the year 2008- 09.

5. Investments:

Investments are stated at cost or realizable value whichever is lower.

6. Inventories:

Inventories are certified by the management are valued at net realizable value whichever is less. Cost are arrived at on first in first out basis.

7. Retirement Benefit:

There are not many employees working in the company. None of the employees have completed five years services. No leave encashment policy in the company.

 
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