Mar 31, 2014
1.1 Accounting concepts
The company follows Mercantile System of Accounting and recognizes
income & expenditure on accrual basis. However, indeterminate Income /
Expenditures, if any have been accounted for as & when settled. The
accounts have so far been prepared on historical cost convention
Accounting policies not specifically referred to, are consistent with
generally accepted accounting polices.
1.2 Fixed Assets & Depreciation
i) Fixed Assets are stated at cost.
ii) Depreciation
Depreciation has been provided on straight light method as per the
rates specified Under Schedule XIV to the Companies Act, 1956.
1.3 Inventories:
They are valued at cost or market value whichever is less.
1.4 Investments
Investments are held at cost or market value, whichever is lower.
1.5 Revenue Recognition
Revenue is recognized when the sale of good/services /shares &
securities etc. under a contract is completed.
1.6 Retirement Benefits
The provisions of Payment of Gratuity Act 1972, Payment of Bonus Act
1965 and Employees Provident & Miscellaneous Provisions Act, 1952 are
applied if applicable.
Mar 31, 2012
1.1 Accounting concepts
The company follows Mercantile System of Accounting and recognizes
income & expenditure on accrual basis. However, indeterminate Income /
Expenditures, if any have been accounted for as & when settled. The
accounts have so far been prepared on historical cost convention
Accounting policies not specifically referred to, are consistent with
generally accepted accounting polices.
1.2 Fixed Assets & Depreciation
(i) Fixed Assets are stated at cost.
(ii) Depreciation
Depreciation has been provided on straight line method as per the rates
specified under Schedule XIV of the Companies Act, 1956.
1.3 Inventories: They are valued at cost or market value whichever is
less.
1.4 Investments
Shares and securities that are brought, held primarily for the purpose
of selling in the near future are classified as investments. Such
shares & securities are valued at cost price
1.5 Revenue Recognition
Revenue is recognized when the sale of good/services /shares &
securities etc. under a contract is completed.
1.6 Retirement Benefits
The company recruited few employees during the end of the year.
Therefore, provision of Gratuity Act, Employees Provident Act&
Employee State insurance Act etc does not apply.
1.7 Miscellaneous Expenditure/ Deferred Revenue Expenditure
The company follows the policy of treating some expenditure, the
benefit of which is expected to accrue to the company over a year
beyond a single financial year, as Miscellaneous or Deferred Revenue
Expenditure and amortizes such expenditure over the said extended years
of accrual of benefits.
Mar 31, 2011
A) Accounting concepts
The company follows Mercantile System of Accounting and recognizes
income & expenditure on accrual basis. However, indeterminate Income /
Expenditures, if any have been accounted for as & when settled. The
accounts have so far been prepared on historical cost convention
Accounting policies not specifically referred to, are consistent with
generally accepted accounting polices.
a) Fixed Assets & Depreciation
Fixed Assets are stated at cost.
b) Depreciation
Depreciation has been provided on straight line method as per the rates
specified under Schedule XIV of the Companies Act, 1956.
c) Investments
Shares and securities that are brought, held primarily for the purpose
of selling in the near future are classified as investments. Such
shares & securities are valued at cost price
d) Revenue Recognition
Revenue is recognized when the sale of good/services /shares &
securities etc. under a contract is completed.
e) Retirement Benefits
The company recruited few employees during the end of the year.
Therefore, provision of Gratuity Act, Employees Provident Act &
Employee State insurance Act etc did not apply.
f) Miscellaneous Expenditure/ Deferred Revenue Expenditure
The company follows the policy of treating some expenditure, the
benefit of which is expected to accrue to the company over a year
beyond a single financial year, as Miscellaneous or Deferred Revenue
Expenditure and amortizes such expenditure over the said extended years
of accrual of benefits.
Mar 31, 2010
A) Accounting concepts : The company follows Mercantile System of
Accounting and recognizes income & expenditure on accrual basis.
However, indeterminate Income / Expenditures, if any have been
accounted for as & when settled. The accounts have so far been prepared
on historical cost convention
Accounting policies not specifically referred to otherwise, are
consistent with generally accepted accounting polices.
a) Fixed Assets: The Company did not carry any fixed assets during the
year
b) Depreciation: Since the company did not carry any fixed assets
during the year, there has been no depreciation
c) Investments: -. Shares and securities that are brought, held
primarily for the purpose of selling in the near future are classified
as investments. Such shares & securities are valued at cost price
d) Revenue Recognition : Revenue is recognized when the sale of
good/services /shares & securities etc. under a contract is completed.
e) Retirement Benefits : The company did not have any employee during
the review. Therefore, provision of Gratuity Act, Employees Provident
Act & Employee State insurance Act etc did not apply.
f.) Miscellaneous Expenditure/ Deferred Revenue Expenditure: The
company follows the policy of treating some expenditure, the benefit of
which is expected to accrue to the company over a period beyond a
single financial period, as Miscellaneous or Deferred Revenue
Expenditure and amortizes such expenditure over the said extended
periods of accrual of benefits.
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