Mar 31, 2014
1.1 Basis of Preparation of Financial Statements
Financial Statements have been prepared under the historical cost
convention and in accordance with the provisions of Companies Act,
1956. Accounting Policies not referred to otherwise are consistent and
are in accordance with the generally accepted accounting Principles in
India.
1.2 Use of Estimates
The preparation of Financial Statements are in confirmity with
generally accepted accounting principles requires estimates and
assumptions to be made to that effect the reported amount of Assets and
Liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period. Difference between
the actual results and estimates are recognized in the period in which
the results are known/materialized.
1.3 Fixed Assets
There is no Fixed Assets in the Company
1.4 Depreciation
Since there is no Fixed assets. Hence, Depreciation is N.A
1.5 Investments
Investments which are readily realisable and intended to be held for
less than one year are classified as Current Investments. All other
Investments are classified as long term investments. Current
Investments are carried at lower of cost and fair value determined on
an individual investment basis. Long Term investments are carried at
cost. Provision for diminution in the value of long tem investments is
made only if such a decline is other than temporary in nature in the
opinion of the management.
1.6 Inventories
Stock-in-trade has been valued at cost or market price which ever is
lower.
1.7 Taxes on Income
No Provision for Taxation has been provided during the year and
accordingly the policies are deviation from the Accounting Standards
1.8 Provisions, Contingent Liabilities and 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 out folow of resources.
Contingent Liabilities are not recognized but are disclosed in the
Notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
1.9 Revenue Recognition
Items of Income and Expenditure are recognized and accounted for on
Accrual basis.
1.10 Contingent Liability, if any, are disclosed by way of Notes.
Mar 31, 2013
1.1 Basis of Preparation of Financial Statements
Financial Statements have been prepared under the historical cost
convention and in accordance with the provisions of Companies Act,
1956. Accounting Policies not referred to otherwise are consistent and
are in accordance with the generally accepted accounting Principles in
India.
1.2 Use of Estimates
The preparation of Financial Statements are in confirmity with
generally accepted accounting principles requires estimates and
assumptions to be made to that effect the reported amount of Assets and
Liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period. Difference between
the actual results and estimates are recognized in the period in which
the results are known/materialized.
1.3 Fixed Assets
There was no Fixed Asssets with the Company during financial year
2012-13.
1.4 Depreciation
There was no Fixed Asssets with the Company during financial year
2012-13, thus details about Depreciation is not applicable to the
Company.
1.5 Investments
Investments which are readily realisable and intended to be held for
less than one year are classified as Current Investments. All other
Investments are classified as long term investments. Current
Investments are carried at lower of cost and fair value determined on
an individual investment basis. Long Term investments are carried at
cost. Provision for diminution in the value of long tem investments is
made only if such a decline is other than temporary in nature in the
opinion of the management.
1.6 Inventories
Stock-in-trade has been valued at cost or market price which ever is
lower.
1.7 Taxes on Income
No Provision for Taxation has been provided during the year and
accordingly the policies are deviation from the Accounting Standards
1.8 Provisions, Contingent Liabilities and 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 outfolow of resources.
Contingent Liabilities are not recognized but are disclosed in the
Notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
1.9 Revenue Recognition
Items of Income and Expenditure are recognized and accounted for on
Accrual basis.
1.10 Contingent Liability, if any, are disclosed by way of Notes.
Mar 31, 2012
1.1 Basis of Preparation of Financial Statements
Financial Statements have been prepared under the historical cost
convention and in accordance with the provisions of Companies Act,
1956. Accounting Policies not referred to otherwise are consistent and
are in accordance with the generally accepted accounting Principles in
India.
1.2 Use of Estimates
The preparation of Financial Statements are in confirmity with
generally accepted accounting principles requires estimates and
assumptions to be made to that effect the reported amount of Assets and
Liabilities on the date of financial statements and the reported amount
of revenue and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/materialized.
1.3 Fixed Assets
All the Fixed Assets has been sold during the year. Total Asset WDV of
Rs. 44,70,308 /- has realised an amount of Rs. 11,03,719 /- and the
balance of Rs. 33,66,589/- has been written off in the Profit & Loss
A/c
1.4 Depreciation
Since all the Fixed assets has been sold during the year. Hence,
Depreciation is N.A
1.5 Investments
Investments which are readily realisable and intended to be held for
less than one year are classified as Current Investments. All other
Investments are classified as long term investments. Current
Investments are carried at lower of cost and fair value determined on
an individual investment basis. Long Term investments are carried at
cost. Provision for diminution in the value of long tem investments is
made only if such a decline is other than temporary in nature in the
opinion of the management.
1.6 Inventories
Stock-in-trade has been valued at cost or market price which ever is
lower.
1.7 Taxes on Income
No Provision for Taxation has been provided during the year and
accordingly the policies are deviation from the Accounting Standards
1.8 Provisions, Contingent Liabilities and 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 outfolow of resources.
Contingent Liabilities are not recognized but are disclosed in the
Notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
1.9 Revenue Recognition
Items of Income and Expenditure are recognized and accounted for on
Accrual basis.
1.10 Contingent Liability, if any, are disclosed by way of Notes.
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