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Accounting Policies of Veronica Production Ltd. Company

Mar 31, 2015

1) BASIS OF ACCOUNTING:

The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles on the basis of going concern, recognizing significant items of income and expenditure on accrual basis and materially comply with the applicable accounting standards adopted consistently by the assessee, unless otherwise stated.

2) FIXED ASSETS:

i) Fixed assets are shown at cost of acquisition less depreciation till date.

ii) All costs relating to the acquisition and installation of fixed assets are capitalized.

iii) Physical existence of fixed assets is verified by assessee.

3) INVENTORIES:

Inventories are valued at lower of cost or market value.

4) REVENUE RECOGNITION:

i) Revenue is recognised on accrual basis taking materiality concept.

ii) Expenditures are accounted for on accrual basis taking materiality concept.

5) Audit is conducted keeping in view the provisions of Income Tax Act, 1961 and compliance with provisions of the other acts, laws or statutes is not verified or checked.




Mar 31, 2013

I) Basis of Accounting :

Financial Statement are prepared under historical cost convention on a accrual basis in accordance with the requirements of the Companies Act. 1956.

ii) Fixed Assets and Depreciation

a) The Fixed assets are stand at cost of acquisition inclusive of freight, duties, taxes, and inclusive of expenses,

b) Depreciation :

(i) Depreciation on fixed assets is not provided on the value as decided by Board of Directors.

ii) INVENTORIES

The Inventories are stated at Cost or NRV whichever is less.

iii) MISCELLANEOUS EXPENSES . There is no Preliminary Expenditure at the year end.

iv) CONTINGENT LIABILITIES

No provision is made for liabilities, which are contingent in nature but, if material the same is disclosed by way of notes to the accounts.


Mar 31, 2012

I) Basis of Accounting :

Financial Statement are prepared under historical cost convention on a accrual basis in accordance with the requirements of the Companies Act. 1956.

ii) Fixed Assets and Depreciation

a) The Fixed assets are stand at cost of acquisition inclusive of freight duties, taxes, and inclusive of expenses.

b) Depreciation :

(i) Depreciation on fixed assets is provided on "Written Down Value Method" at the rate and in the manner prescribed in Schedule XIV of the Companies Act,1956.

ii) INVENTORIES

There is no Inventory hence not applicable.

iii) MISCELLANEOUS EXPENSES

There is no Preliminary Expenditure at the year end.

iv) CONTINGENT LIABILITIES

No provision is made for liabilities, which are contingent in nature but, if material the same is disclosed by way of notes to the accounts.


Mar 31, 2011

I) Basis of Accounting :

Financial Statement are prepared under historical cost convention on a accrual basis in accordance with the requirements of the Companies Act. 1956.

ii) Fixed Assets and Depreciation

a) The Fixed assets are stand at cost of acquisition inclusive of freight, duties, taxes, and inclusive of expenses. b) Depreciation :

(i) Depreciation on fixed assets is provided on "Written

Down Value Method" at the rate and in the manner prescribed in Schedule XIV of the Companies Act,1956.

ii) INVENTORIES

There is no Inventory hence not applicable.

iii) MISCELLANEOUS EXPENSES

There is no Preliminary Expenditure at the year end.

iv) CONTINGENT LIABILITIES

No provision is made for liabilities, which are contingent in nature but, if material the same is disclosed by way of notes to the accounts.


Mar 31, 2010

I. ACCOUNTING CONVENTION :

The financial statement is prepared under the historical cost convention and follows the mercantile system Of accounting and recognizes income and expenditure on the accrual basis except those with significant uncertainties. Sales & Purchase is accounted exclusive of excise duty.

II. FIXED ASSETS :

There is no Fixed assets hence not applicable.

III. DEPRECIATION :

Depreciation on fixed assets is provided on "Written Down Value Method" at the rate and in the manner prescribed in Schedule XIV of the Companies Act, 1956.

IV. INVENTORIES :

The is no any Inventory at the year ended 31-03-2009.

V. INVESTMENT:

All the Investment are Long Term and stated at Cost.

VI. MISCELLANOUS EXPENSES :

Preliminary Expenditures are written off over period of Five years.

VII. CONTINGENT LIABILITIES :

No Provision is made for liabilities, which are contingent in nature but, if material, the same all disclosed by way notes to the accounts.

 
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