Mar 31, 2014
(a) BASIS OF PREPARATION
The financial statements are prepared under the historical cost
convention on an accrual basis of accounting in accordance with the
generally accepted accounting principles, Accounting Standards notified
under Section 211 (3C) of the Companies Act, 1956, (the "Act") and the
relevant provisions thereof which continue to be applicable in respect
of Section 133 of Companies Act, 2013 in terms of General Circular
15/2013 dated September 13,2013 of the Ministry of Corporate Affairs.
(b) FIXED ASSETS
Fixed Assets are recorded at cost of acquisition less depreciation and
impairment loss, if any. Direct costs are capitalized until assets are
ready to be put to use.
(c) DEPRECIATION
Depreciation on Fixed Assets is provided under written Down Method at
the rates prescribed in Schedule XIV of the Companies Act, 1956 on
pro-Rata Basis.
(d) REVENUE RECOGNITION
Revenue is recognized when there is reasonable certainty of its
ultimate realization/ collection.
i. Training Income-income is recognized on Accrual Basis.
ii. Other Income- Other Income is accounted for on accrual basis.
(e) CONTINGENT LIABILITIES
These are disclosed by way of notes on the Balance Sheet. Provisions is
made in the Accounts in respect of those liabilities which are likely
to materialize after the year end till the finalization of accounts and
material effect on the position stated in the Balance Sheet.
(f) INCOME TAX
Taxation is accounted on the basis of the "liability Method" which is
generally followed in India. Provision is made for Income Tax based on
computation after considering rebates, relief and exemption under the
Income Tax Act, 1961.
In accordance with the requirements of Accounting Standard 22
i.e."Accounting for taxes on income" issued by "The Institute of
Chartered Accountants of India", the total deferred tax
liabilities/asset as on 31.03.2013 have been recognized in the
following manner:
PARTICULARS 31-03-2014
DEPRECIATION AS PER COMPANY LAW 26768086.00
DEPRECIATION ALLOWABLE AS PER INCOME TAX ACT 29433409.00
DIFFERENCE 2665323.00
TAX RATE (32.45%) 864764.00
(g) PROVISION, CONTINGENT LIABILITIES & CONTINGENT ASSETS
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed In the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statement.
(h) SEGMENT INFORMATION
The Company is engaged in the business of recreation activities, which
constitutes a single business segment and accordingly, disclosures are
not required underAS-17, issued by "The Institute of Chartered
Accountants of India".
Mar 31, 2011
(a) BASIS OF PREPARATION
The Financial Statement of ACE EduTrend Ltd. has been prepared under
the historical cost convention, on the basis of going concern concept
and relevant presentational requirement of the Companies Act, 1956. The
Company follows the accrual system of accounting taking cognizance of
the guidelines on prudential norms for Income Recognition.
(b) FIXED ASSETS
Fixed Assets are recorded at cost of acquisition less depreciation and
impairment loss, if any. Direct costs are capitalized until assets are
ready to be put to use.
(c) DEPRECIATION
Depreciation on Fixed Assets are provided under Written Down Method at
the rates prescribed in Schedule XIV of the Companies Act, 1956 on
pro-Rata Basis.
(d) REVENUE RECOGNITION
Revenue is recognized when there is reasonable certainty of its
ultimate realization / collection. i) Training Income - income is
recognized on Accrual Basis. ii) Other Income - Other Income is
accounted for on cash basis.
(e) EARNING PER SHARE
The earning per share (basic & diluted) is computed by diving the Net
Profit attributable to the Equity Shareholders for the period by the
weighted average number of equity shares outstanding during the period.
(f) CONTINGENT LIABILITIES
These are disclosed by way of notes on the Balance Sheet. Provisions is
made in the Accounts in respect of those liabilities which are likely
to materialize after the year end till the finalization of accounts and
material effect on the position stated in the Balance Sheet.
(g) INCOME TAX
Taxation is accounted on the basis of the Ãliability Methodà which is
generally followed in India. Provision is made for Income Tax based on
computation after considering rebates, relief and exemption under the
Income Tax Act, 1961.
In accordance with the Accounting Standards 22 ÃAccounting for taxes on
Incomeà issued by the Institute of Chartered Accountants of India,
Deferred Tax Liability has been calculated in timing differences
between the accounting income and the taxable income for the year and
quantified using the tax rate enacted or substantively enacted as on
the Balance Sheet date.
(h) PROVISION, CONTINGENT LIABILITIES & CONTINGENT ASSETS
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilties are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statement.
(i) SEGMENT INFORMATION
The Company is engaged in the business of recreation activities, which
constitutes a single business segment, and accordingly, disclosures are
not required under AS-17, issued by ÃThe Institute of Chartered
Accountants of IndiaÃ.
Mar 31, 2010
(a) FIXED ASSETS
Fixed Assets are recorded at cost of acquisition. They are stated at
historical cost.
(b) DEPRECIATION
Depreciation on fixed assets is provided on straight line method in
accordance with Section 205(2)(b) of the Companies Act, 1956, as per
the rates specified in Schedule XIV to the Companies Act, 1956.
Depreciation on leasehold assets is not provided in view of
discontinuation of leasehold business. Albums are amortized over the
estimated useful life of the assets i.e., 10 years, on pro rata basis.
(c) INVESTMENTS
Investments are stated at cost of acquisition and all the investments
are in the name of the company.
(d) REVENUE RECOGNITION
Revenue is recognized when there is reasonable certainty of its
ultimate realization/ collection.
i) , Sales - Domestic sales are recognized on dispatch/ on delivery of
books/ software/ Music Cassettes/ CDs from sales office.
ii) Films - income will be recognized on its completion/ release and
sale of rights thereof.
iii) Other Income - Other Income is accounted for on accrual basis.
(e) CONTINGENT LIABILITIES
These are disclosed by way of notes on the Balance Sheet. Provisions is
made in the Accounts in respect of those liabilities which are likely
to materialize after the year end till the finalization of accounts and
material effect on the position stated in the Balance Sheet.
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