Mar 31, 2015
A. Method of Accounting:
The Financial Statements are prepared under the historical cost
convention and in accordance with the applicable Accounting Standards
and accepted business practices.
b. Revenue Recognition:
All revenues, costs, assets and liabilities are accounted for on
accrual basis, except claims received/paid.
c. Investments:
Long Term Investments are stated at cost.
d. Income from Investments:
Dividend on investment is accounted for in the year of receipt.
e. Valuation of Inventory:
Valuation of closing stock of Cars has been made at cost or estimated
market value whichever is less. Market value of cars have been
estimated by the Management after consideration of fall in the market
value, or diminution of value suffered on account of use of cars on
hire or on account of fall in their maket value on arrival of new and
latest imported models/makes.
f. Contingent Liabilities:
Disputed liabilities and claims by Taxation Authorities pending in
appeals are treated as contingent liabilities and not provided for has
been shown by way of notes.
g. Taxes on Income:
Tax expenses for the relevant period comprises of current tax and
deferred tax. Deferred tax is recognized, subject to consideration of
prudence, on all timing difference between taxable income and
accounting income that originate in one period and are capable of being
reversed in one or more subsequent periods. The accumulated deferred
tax liability is adjusted by applying the tax rates and tax laws
applicable at the year end.
Mar 31, 2012
(a) Method of Accounting
The Financial Statements are prepared under the historical cost
convention and in accordance with the applicable Accounting Standards
and accepted business practices.
(b) Revenue Recognition
All revenues, costs, assets and liabilities are accounted for on
accrual basis, except claims received/paid.
(c) Investment
Long Term Investments are stated at cost.
(d) Income from Investments
Dividend on investment are accounted for in the year of receipt.
(e) Valuation of inventory
Valuation of closing stock of Cars has been made at cost or estimated
market value whichever is less.
(f) Contingent Liabilities
Disputed liabilities and claims by Taxation Authorities pending in
appeals are treated as contingent liabilities and not provided for has
been shown by way of notes.
(g) Taxes on Income
Tax expenses for the relevant period comprises of current tax and
deferred tax. Deferred tax is recognized, subject to consideration of
prudance, on all timing difference between taxable income and
accounting income that originate in one period and are capable of being
reversed in one or more subsequent periods. The accumulated deferred
tax liability is adjusted by applying the tax rates and tax laws
applicable at the year end.
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