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Accounting Policies of Vishvjyoti Trading Ltd. Company

Mar 31, 2014

I) The financial statement are prepared on an accrual basis and are in accordance with the requirements of the Companies Act, 1956.

ii) Fixed Assets and Depreciation

The fixed assets are stated at cost of acquisition less depreciation. Depreciation on fixed assets has been provided on the written down value method at the rates specified in Schedule XIV of the Companies Act,1956.However,depreciation on building for the period has not been provided for, as it is sold during the year.

iii) Long Term Investments are valued at Cost.

iv) Inventories of shares are valued at cost or market value whichever is lower,

v) Taxation :

a. Taxation on current year''s profit has been made as per applicable provisions of the Income Tax Act,1961.

b. In terms of Accounting Standard (AS 22) on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has not recognised the Deferred tax due to uncertainty of future profitability.

vi) Impairment of Assets :

An Assets is treated as impaired when the carrying cost of Assets exceeds it recoverable value. An impairment loss is to be charged to the profit & loss account in the year in which an assets is identified as impaired. The impairment loss if recognized in any accounting period is reversible if there is any change in the estimate of recoverable amount.

vii) Provision, Contingent Liabilities and Contingent Assets ;

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of recourses. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statement.


Mar 31, 2013

I) The financial statement are prepared on an accrual basis and are in accordance with the requirements of the Companies Act, 1956.

ii) Fixed Assets and Depreciation

The fixed assets are stated at cost of acquisition less accumulated depreciation till 31st March 2002.Depreciation on building for the year has not been provided for, as building has been put to use for its own purposes.

iii) Long Term Investments are valued at Cost.

iv) Inventories of shares are valued at cost or market value whichever is lower.

v) Taxation

a. In view of loss, no provision for taxation has been made.

b. In terms of Accounting Standard (AS 22) on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has not recognised the Deferred tax due to uncertainty of future profitability.

vi) Impairment of Assets

An Assets is treated as impaired when the carrying cost of Assets exceeds it recoverable value. An impairment loss is to be charged to the profit & loss account in the year in which an assets is identified as impaired. The impairment loss if recognized in any accounting period is reversible if there is any change in the estimate of recoverable amount.

vii) Provision, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of recourses. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statement.


Mar 31, 2011

I) Basis of Accounting

The financial statements are prepared on an accrual basis and are in accordance with the requirement of the Companies Act, 1956.

ii) Fixed Assets and Depreciation:

The fixed Assets are stated at cost of acquisition less accumulated depreciation till 31st March 2002. Depreciation on building for the year has not been provided for, as building has been given on rent.

iii) Inventories:

Inventories of shares are valued at cost. or market value whichever is lower.

v) Investments:

Long term Investments are valued at cost.

v) Taxation:

a) Taxation on current year's profit has been made as per applicable provisions of the Income Tax Act, 1961.

b) In terms of Accounting Standard (AS 22) on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the Company has not recognised the Deferred tax due to uncertainty of future profitability.

vi) Impairment of Assets:

An Assets is treated as impaired when the carrying cost of Assets exceeds it recoverable value. An impairment loss is to be charged to the profit & loss account in the year in which an assets is identified as impaired. The impairment loss if recognized in any accounting period is reversible if there is any change in the estimate of recoverable amount.

vii) Provision, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there will be an outflow of recourses. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognised nor disclosed in the financial statement.

 
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