Kamar Chemicals & Industries Ltd. कंपली की लेखा नीति

Mar 31, 2014

A) Basis of Accounting:

Financial statements have been prepared on going concern basis under the historical cost convention and in accordance with generally accepted accounting policies and provisions of the Companies Act, 1956. The Company follows mercantile basis of accounting.

b) Use of Estimates :

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period.

c) Fixed Assets & Depreciation

Fixed Assets are stated at historical cost less accumulated depreciation, cost includes,taxes and duties (but does not include taxes and duties for which CENVAT/VAT credit is available)freight and other expenses during construction period,net of any income earned.

Depreciation on fixed assets is calculated on the Written Down Value method in terms of section 205(2) (a) of the Companies Act, 1956 and at the rates specified in Schedule XIV of the Companies Act, 1956.

d) Foreign Exchange Transaction:

Foreign Currency transactions are recorded in the books as per Accounting Standard 11, issued by the Institute of Chartered Accountants of India.

e) Gratuity

Gratuity has been accounted for on Accrual basis, in terms of the Payment of Gratuity Act 1972 and not based on Actuarial Valuation.

f) Provision for Taxation:

Provision for Tax on profits is made as per the provisions of the Income Tax Act, 1961 after taking into account various deductions and relief available to the company.

g) Contingent Liability

All sums payables by the Company, contingent on the occurrence or non-occurrence of an event after the date of Balance Sheet are classified as Contingent liability.

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Mar 31, 2013

A) Basis of Accounting:

Financial statements have been prepared on going concern basis under the historical cost convention and in accordance with generally accepted accounting policies and provisions of the Companies Act, 1956. The Company follows mercantile basis of accounting.

b) Use of Estimates :

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period.

c) Fixed Assets &Depreciation

Fixed Assets are stated at historical cost less accumulated depreciation, cost includes,taxes and duties (but does not nclude taxes and duties for which CENVAT/VAT credit is available),freight and other expenses during construction period,net of any income earned.

Depreciation on fixed assets is calculated on the Written Down Value method in terms of section 205(2) (a) of the Companies Act, 1956 and at the rates specified in Schedule XIV of the Companies Act, 1956.

d) Foreign Exchange Transaction:

Foreign Currency transactions are recorded in the books as per Accounting Standard 11, issued by the Institute of Chartered Accountants of India.

e) Gratuity:

Gratuity has been accounted for on accrual basis, in terms of the Payment of Gratuity Act 1972 and not based on Actuarial Valuation.

f) Provision for Taxation:

Provision for Tax on profits is made as per the provisions of the Income Tax Act, 1961 after taking into account various deductions and relief available to the company.

g) Contingent Liability:

All sums payables by the Company, contingent on the occurrence or non-occurrence of an event after the date of Balance Sheet are classified as contingent liability.

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Mar 31, 2012

A) Basis of Accounting:

Financial statements have been prepared on going concern basis under the historical cost convention and in accordance with generally accepted accounting policies and provisions of the Companies Act, 1956. The Company follows mercantile basis oi accounting.

b) Use of Estimates :

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period.

c) Fixed Assets &Depreciation

Fixed Assets are stated at historical cost less accumulated depreciation,Cost includes,taxes and duties (but does not nclude taxes and duties for which CENVATA/AT credit is available),freight and other expenses during construction period, net of any income earned. Depreciation on fixed assets is calculated on the Written Down Value method in terms of section 205(2) (a) of the Companies Act, 1956 and at the rates specified in Schedule XIV of the Companies Act, 1956.

d) Foreign Exchange Transaction:

Foreign Currency transactions are recorded in the books as per Accounting Standard

11, issued by the Institute of Chartered Accountants of India.

e) Provision for Taxation:

Provision for Tax on profits is made as per the provisions of the Income Tax Act, 1961 after taking into account various deductions and relief available to the company.

f) Deferred Tax:

Deferred Tax is recognised on timing differences; being the difference between the taxable incomes and accounting income that originate in one period and are capable of reversal* in one or more subsequent periods.

Deferred Tax Assets subject to the consideration of prudence are recognised and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.

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Mar 31, 2011

I) General

The accompanying Financial Statements are prepared under historical cost convention and on going concern basis.

ii) Basis of Accounting

The accounts have been made up as per the Accrual basis of Accounting under which revenues are recognized when earned and expenses booked when incurred '

iii) Fixed Assets & Depreciation

a) Assets, whose existence is likely to result in a benefit of enduring nature, are capitalized at acquisition cost, inclusive of expenses attributable to bringing the asset to working condition.

b) Depreciation has been provided in accordance with Schedule XIV of the Companies Act 1956 on written down value basis.

iv) Gratuity

Gratuity has been accounted for on Accrual basis, in terms of the Payment of Gratuity Act 1972 and not based on Actuarial Valuation.

v) Contingent Liability

All sums payable by the Company, contingent on the occurrence or non-occurrence of an event after the date of Balance Sheet are classified as Contingent Liability.

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Mar 31, 2010

I) General

The accompanying Financial Statements are prepared under historical cost convention and on going concern basis.

ii) Basis of Accounting

The accounts have been made up as per the Accrual basis of Accounting under which revenues are recognized when earned and expenses booked when incurred.

iii) Fixed Assets & Depreciation

a) Assets, whose existence is likely to result in a benefit of enduring nature, are capitalized at acquisition cost, inclusive of expenses attributable to bringing the asset to working condition.

b) Depreciation has been provided in accordance with Schedule XIV of the Companies Act 1956 on written down value basis.

iv) Gratuity

Gratuity has been accounted for on Accrual basis, in terms of the Payment of Gratuity Act 1972 and not based on Actuarial Valuation.

v) Contingent Liability

All sums payable by the company, contingent on the occurrence or non-occurrence of an event after the date of Balance Sheet are classified as Contingent Liability.