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Accounting Policies of Virat Leasing Ltd. Company
Mar 31, 2015
A. General :
The Company follows the Mercantile System of Accounting and recognises
Income & Expenditure on Accrual Basis. The financial statements of the
Company have been prepared in accordance with the Generally Accepted
Accounting Principles in India (Indian GAAP) to comply with the
Accounting Standards specified under Section 133 of the Companies Act,
2013, read with rule 7 of the Companies (Accounts) Rules 2014 and at he
relevant provisions of the Companies Act, 2013 as applicable.
b. Revenue Recognition:
Revenue is recognised only when it can be reliably measured and it is
reasonable to expect ultimate collection. Dividend income is recognized
on receipt basis. Interest income is recognized on time proportion
basis taking into account the amount outstanding and rate applicable.
Sales are recognized on passing of ownership in shares.
Investments have been valued at Cost. Provision for diminutions in the
value is not considered unless such short fall is permanent in nature.
Provision for current income tax is made on the taxable income using
the applicable tax rates and tax laws.