Mar 31, 2014
1. Basis of Accounting:-
The Financial statements are prepared under the historical cost
convention, on a going concern concept and in compliance with the
accounting standard issued by ICAI/ Companies (Accounting Standard),
Rules 2006, company follows mercantile system of accounting and
recognizes income & expenditure on accrual basis to the extent
measurable and where there is certainty of ultimate realization in
respect of incomes accounting policies note specifically referred to
otherwise, are consistent and in consonance with the generally accepted
accounting principles.
2. Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumption to be
made that effect the reported amount of assets and liabilities on the
date of the financial Statements and reported amounts of revenues and
expenses during the reporting period differences between actual results
and estimated are recognized in the period in which the results are
materialized.
3. Recognition of income and expenditure:-
The company follows the accrual basis of accounting except in the
following cases, where the same are recorded on the basis of
realization or ascertainment of rights and obligations
a. Insurance claims
b. Payment of bonus and leave salary
c. Gratuity
4. Fixed Assets
No fixed Assets.
5. Depreciation:
No fixed assets hence no Depreciation.
6. Stock in trade
Stock in trade of shares is valued at cost.
7. Impairment of fixed Assets
At the end of each year, the company determines whether a provision
should be made for impairment loss on fixed assets by considering the
indication that an impairment loss may have occurred in accordance with
accounting standard "28 on impairment of Assets" issued by the ICAICompanies (Accounting standard), Rules, 2006. Where the recoverable
amount of any fixed assets is lower than its carrying amount, a
provision for impairment loss on fixed assets is made for the
difference.
8. INVESTMENTS
Investments are stated at cost of acquisition.
9. Prior Period Items:
Material amount of Income and expenditure pertaining to prior years are
disclosed separately.
10. Contingencies and events occurring after the date of Balance Sheet:
- NIL
Mar 31, 2013
1. Basis of Accounting:-
The Financial statements are prepared under the historical cost
convention, on a going concern concept and in compliance with the
accounting standard issued by ICAI/ Companies (Accounting Standard),
Rules 2006, company follows mercantile system of accounting and
recognizes income & expenditure on accrual basis to the extent
measurable and where there is certainty of ultimate realization in
respect of incomes accounting policies note specifically referred to
otherwise, are consistent and in consonance with the generally accepted
accounting principles.
2. Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumption to be
made that effect the reported amount of assets and liabilities on the
date of the financial Statements and reported amounts of revenues and
expenses during the reporting period differences between actual results
and estimated are recognized in the period in which the results are
materialized.
3. Recognition of income and expenditure:-
The company follows the accrual basis of accounting except in the
following cases, where the same are recorded on the basis of
realization or ascertainment of rights and obligations
a. Insurance claims
b. Payment of bonus and leave salary
c. Gratuity
4. Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. The cost of acquisition comprises the purchase price and
any attributable cost of bringing the asset to its working condition
for its intended use.
5. Depreciation:
Industrial Gala is not in use hence Depreciation has not been provided
on the same.
6. Stock in trade
Stock in trade of shares is valued at cost.
7. Impairment of fixed Assets
At the end of each year, the company determines whether a provision
should be made for impairment loss on fixed assets by considering the
indication that an impairment loss may have occurred in accordance with
accounting standard "28 on impairment of Assets" issued by the ICAICompanies (Accounting standard), Rules, 2006. Where the recoverable
amount of any fixed assets is lower than its carrying amount, a
provision for impairment loss on fixed assets is made for the
difference.
8. INVESTMENTS
Investments are stated at cost of acquisition.
9. Prior Period Items:
Material amount of Income and expenditure pertaining to prior years are
disclosed separately.
10. Contingencies and events occurring after the date of Balance Sheet:
- NIL
Mar 31, 2012
1. Basis of Accounting:-
The Financial statements are prepared under the historical cost
convention, on a going concern concept and in compliance with the
accounting standard issued by ICAI/ Companies (Accounting Standard),
Rules 2006, company follows mercantile system of accounting and
recognizes income & expenditure on accrual basis to the extent
measurable and where there is certainty of ultimate realization in
respect of incomes accounting policies note specifically referred to
otherwise, are consistent and in consonance with the generally accepted
accounting principles.
3. Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumption to be
made that effect the reported amount of assets and liabilities on the
date of the financial Statements and reported amounts of revenues and
expenses during the reporting period differences between actual results
and estimated are recognized in the period in which the results are
materialized.
4. Recognition of income and expenditure:-
The company follows the accrual basis of accounting except in the
following cases, where the same are recorded on the basis of
realization or ascertainment of rights and obligations
a. Insurance claims
b. Payment of bonus and leave salary
c. Gratuity
5. Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. The cost of acquisition comprises the purchase price and
any attributable cost of bringing the asset to its working condition
for its intended use.
6. Depreciation:
Industrial Gala is not in use hence Depreciation has not been provided
on the same.
7. Stock in trade
Stock in trade of shares is valued at cost.
8. Impairment of fixed Assets
At the end of each year, the company determines whether a provision
should be made for impairment loss on fixed assets by considering the
indication that an impairment loss may have occurred in accordance with
accounting standard "28 on impairment of Assets" issued by the ICAICompanies (Accounting standard), Rules, 2006. Where the recoverable
amount of any fixed assets is lower than its carrying amount, a
provision for impairment loss on fixed assets is made for the
difference.
9. INVESTMENTS
Investments are stated at cost of acquisition.
10. Prior Period Items:
Material amount of Income and expenditure pertaining to prior years are
disclosed separately.
11. Contingencies and events occurring after the date of Balance Sheet:
- NIL
Mar 31, 2011
1. Basis of Accounting:-
The Financial statements are prepared under the historical cost
convention, on a going concern concept and in compliance with the
accounting standard issued by ICAI/ Companies (Accounting Standard),
Rules 2006, company follows mercantile system of accounting and
recognizes income & expenditure on accrual basis to the extent
measurable and where there is certainty of ultimate realization in
respect of incomes accounting policies note specifically referred to
otherwise, are consistent and in consonance with the generally accepted
accounting principles.
2. Use of Estimates:
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumption to be
made that effect the reported amount of assets and liabilities on the
date of the financial Statements and reported amounts of revenues and
expenses during the reporting period differences between actual results
and estimated are recognized in the period in which the results are
materialized.
3. Recognition of income and expenditure:-
The company follows the accrual basis of accounting except in the
following cases, where the same are recorded on the basis of
realization or ascertainment of rights and obligations
a. Insurance claims
b. Payment of bonus and leave salary
c. Gratuity
4. Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation. The cost of acquisition comprises the purchase price and
any attributable cost of bringing the asset to its working condition
for its intended use.
5. Depreciation:
Industrial Gala is not in use hence Depreciation has not been provided
on the same.
6. Stock in trade
Stock in trade of shares is valued at cost.
7. Impairment of fixed Assets
At the end of each year, the company determines whether a provision
should be made for impairment loss on fixed assets by considering the
indication that an impairment loss may have occurred in accordance with
accounting standard "28 on impairment of Assets" issued by the ICAICompanies (Accounting standard), Rules, 2006. Where the recoverable
amount of any fixed assets is lower than its carrying amount, a
provision for impairment loss on fixed assets is made for the
difference.
8. INVESTMENTS
Investments are stated at cost of acquisition.
9. Miscellaneous Expenditure
Preliminary Expenses are amortized in the year they are incurred.
10. Prior Period Items:
Material amount of Income and expenditure pertaining to prior years are
disclosed separately.
11. Contingencies and events occurring after the date of Balance Sheet:
- NIL
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