Accounting Policies of Turner Industries Ltd. Company

Mar 31, 2014

ACCOUNTING CONVENTION

The Financial Statements are prepared under the historical cost convention and in accordance with applicable accounting standards.

FIXED ASSETS

Fixed Assets are stated at cost less depreciation. Cost of Fixed Assets include all direct expenditure and expenditure during construction period allocated of Fixed Assets.

Depreciation on the fixed assets has not been provided. Since the fixed assets with the company is not in use and it is under litigation and the balance affixed assets has been discarded as mentioned in my report of Auditor''s report. But depreciation has been provided on new assets introduced in Block Assets during the year.

INCOME RECOGNITION

Income & Expenditure are accounted on accural basis.

Sales

Sales are recorded and supply of goods takes place in accordance with the terms of sales. Sales do not include Excise Duties.

There were no amounts due to Supplies water the Micro, Small and Medium Enterprises Development Act 2006, (MSMED Act, 2006) Units Sundry Creditors as on 31.03.2014

ACCOUNTING STANDARD

The Profit and Loss A/C. and Balance Sheet Complied with the accounting standards referred in section see 211 (3C) of companies Act 11086.

SECURED LOAN

There are no secured loan borrowed by the company.

CHANGE IN ACCOUNTING POLICY

There is no change in policy of accounts Expenditure in Foreign CurrencyNIL Previous Year figures have been rearranged and regrouped wherever necessary. Sundry Debtors unsecured considered goods

Outstanding for a period exceeding six months Rs. 27.55 Lakhs

Others Rs. 56.24 Lakhs

(The Company does not hold any security except the personal guarantee of debtors.)

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Mar 31, 2013

ACCOUNTING CONVENTION

The Financial Statements are prepared under the historical cost convention and in accordance with applicable accounting standards. FIXED ASSETS

Fixed Assets are stated at cost less depreciation. Cost of Fixed Assets include all direct expenditure and expenditure during construction period allocated of Fixed Assets.

Depreciation on the fixed assets has not been provided. Since the fixed assets with the company is not in use and it is under litigation and the balance of fixed assets has been discarded as mentioned in my report or Auditor''s report. But depreciation has been provided on new assets introduced in Block Assets during the year.

INCOME RECOGNITION

Income & Expenditure are accounted on accural basis.

Sales

Sales are recorded and supply of goods takes place in accordance with the terms of sales. Sales do not include Excise Duties.

There were no amounts due to Supplies water the Micro, Small and Medium Enterprises Development Act 2006, (MSMED Act, 2006) Units Sundry Creditors as on 31.03.2013

ACCOUNTING STANDARD

The Profit and Loss A/C. and Balance Sheet Complied with the accounting standards referred in section see 211 (3C) of companies Act 11086.

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Mar 31, 2012

ACCOUNTING CONVENTION

The Financial Statements are prepared under the historical cost convention and in accordance with applicable accounting standards.

FIXED ASSETS

Fixed Assets are stated at cost less depreciation. Cost of Fixed Assets include all direct expenditure and expenditure during construction period allocated of Fixed Assets.

Sales

Sales are recorded and supply of goods takes place in accordance with the terms of sales . sales do not include excise duties. There were no amounts due to Supplies water the Micro. Small and Medium Enterprises Development Act 2006, (MSMED Act, 2006) Units Sundry Creditors as on 31.03.2012

ACCOUNTING STANDARD

The Profit and Loss A/C. and Balance Sheet Complied with the accounting standards referred in section see 211 (3C) of companies Act 11086.

SECURED LOAN

There are no secured loan borrowed by the company.

TAXES

Since there is a toss no provision for taxation has been provided

The deferred tax liability has been provided on the depreciation provided during the year on car and inverter

FOREIGN EXCHANGE TRANSACTIONS:

Foreign Exchange Transactions of revenue In nature are accounted at the exchange rates prevailing on the date of transaction and are recognized In the Profit and loss Account. There are No Foreign Exchange Transactions with respect to Assets and Liabilities Profit on realization of Foreign Exchange is Rs.6.02.866(RY. Loss 1,53.451)

ADVANCE FOR MACHINERY:

The Liabilities for sundry creditor towards purchase of Machinery from M/s.Diamond Processing corporation and M/s.Star Machinery has been adjusted against the Machinery advances to M/s. R.V. Diamonds. Since They belongs to the same group as per the Information and explanation given to us. After adjust the credit balance against the advances for Machinery the net balance has been shown in the balance sheet but Amount advance to R.V. Diamond for purchase of machinery during the year 1995 (Rs.67.52 lakh). Company has filed suit against them which is still pending in the High Court.

PROVIDENT FUND:

As per the information provided the provisions of provident fund, state Insurance are not applicable Is accounted on accrual basis and is charges to revenue account.

In the opinion of the Board of Directors, Sundry debtors. Current assets. Loans and Advances have a value on realization. In the ordinary course of business, atleast equal to the amount at which they are stated.

The company Is yet to receive confirmations from parties In respect of balances outstanding In sundry debtors and creditors.