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Accounting Policies of Zenlabs Ethica Ltd. Company

Mar 31, 2014

A. Basis of Preparation

The Financial statements have been prepared to comply with the mandatory Accounting standards issued by The Institue of Chartered Accountants of India (ICAI ) and the relevent provisions of the Companies Act 1956 (the Act). The Financial statements have been prepared under the historical cost convention on accrual basis. The Accounting policies have been consistantly applied by the company unless otherwise stated.

B. Income & Expenditures

Income and Expenses are recognised and accounted for on accrual basis

C. Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation

D. Depreciation

Depreciation on fixed assets is provided on straight line method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956 for assets acquired by the company . Depreciation on Data Processing Equipment has been provided on WDV Method in the manner prescribed by Schedule XIV of the Companies Act, 1956.

E. Valuation of Inventories

Items of Inventories i.e the stock of shares comprising of unlisted companies is valued at cost price.

F. Employee Benefits

Provident Fund/ ESI - No contributions to P.F and ESI were made during the year as the company as the company has transferred all its employees covered under the Act to its sister concern, M/S Zen Labs India.

Gratuity / Leave Encashment - As none of the employee has completed prescribed period as per the payment of Gratuity Act, and moreover there are no pending leaves due to the employees therefore no provision for Gratutity as well as provison for leave encashment has been made in the books of accounts.

G. Accounting for Taxes on Income

Provision for current tax is made on the basis of the amount of tax payable on taxable income for the year in accordance with the Income Tax Act 1961. Deferred Tax resulting from timing difference between book and taxable profit , wherever material is accounted for using the tax rates and laws that have been enacted or substantially enacted as on balance sheet. Deferred Tax Assets ,if any, subject to consideration of prudence are and carried forward only to the extent that there is reasonable certainity that sufficient future taxable income will be available against which such deferred tax assets can be realised.


Mar 31, 2013

A. Basis of Preparation

The Financial statements have been prepared to comply with the mandatory Accounting standards issued by The Institute of Chartered Accountants of India ( ICAI ) and the relevant provisions of the Companies Act 1956 (the Act). The Financial statements have been prepared under the historical cost convention on accrual basis. The Accounting policies have been consistently applied by the company unless otherwise stated.

B. Income & Expenditures

Income and Expenses are recognized and accounted for on accrual basis.

C. Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation

D. Depreciation

Depreciation on fixed assets is provided on straight line method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956 for assets acquired by the company .Depreciation on Data Processing Equipment has been provided on WDV Method in the manner prescribed by Schedule XTV of the Companies Act, 1956.

E. Valuation of Inventories

Items oflnventories Le Stock in traded goods is valued at cost or market price whichever is less. The stock of shares comprising of unlisted companies is valued at cost price.

F. Employee Benefits

Provident Fund/ ESI - No contributions to P.F and ESI were made during the year as the company transferred all its employees covered under the act to its sister concern M/s Zen Labs India . Gratuity / Leave Encashment - As none of the employee has completed prescribed period as per the payment of Gratuity Act, no provision has been made No Provision for Leave Encashment has been made.

G. Accounting for Taxes on Income Tax

Provision for current tax is made on the basis of the amount of tax payable on taxable rom timing difference between book and taxable profit, wherever material is accounted for using the tax rates and laws that have been enacted or substantial enactedTon balance sheet. Deferred Tax Assets ,if any, subject to consideration of prudence are and carried forward only to the extent that there is reasonable certainty tlj sufficient tore taxable income will be available against which such deferred tax alsets.


Mar 31, 2010

A. Basis of Preparation

The Financial statements have been prepared to comply with the mandatory Accounting standards issued by The Insttue of Chartered Accountants of India ( ICAI) and the relevent provisions of the Companies Act 1956 (the Act). The Financial statements have been prepared under the historical cost convention on accrual basis. The Accounting polocies have been consistantly applied by the

B. Income & Expenditures

Income and Expenses are recognised and accounted for on accrual basis

C Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation

D. Depreciation

Depreciation on fixed assets is provided on straight line method at the rates and in the manner prescribed in Schedule XIV of the

E. Valuation of Inventories

Items of Inventories i.e Stock in traded goods is valued at cost or market price whichever is less. The stock of shares comprising of

F. Employee Benefits

Provident Fund/ ESI - Contributions to P.F and ESI are made as per the provision of the relevant act.

Gratuity / Leave Encashment - As none of the employee has completed prescribed period as per the payment of Gratuity Act, no provision has been made. No Provision for Leave Encashment has been made

G. Accounting for Taxes on Income Tax

Provision for current tax is made on the basis of the amount of tax payable on taxable income for the year in accordance with the Income Tax Act 1961. Deferred Tax resting from timing difference between book and taxable profit .wherever material is accounted for using the tax rates and laws that have been enacted or substantially enacted as on balance sheet. Deferred Tax Assets, if any, subject to consideration of prudence are and carried forward only to the extent that there is reasonable certainity that sufficient future taxable income will be available against which such deferred tax assets can be realised.

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