Prakash Solvent Extractions Ltd. कंपली की लेखा नीति

Mar 31, 2011

A. Basis of accounting: The accounts of company are prepared under historical cost convention and in accordance with applicable accounting standards except where otherwise stated. Accounting policies not specifically referred to are consistent with generally accepted accounting practices. Revenue / Income and Costs and Expenditure are generally accounted on accrual basis, as they are earned or incurred.

b. Fixed Assets and Depreciation:

i. All the fixed assets purchased are stated at cost of acquisition except in case of those assets, which are revalued.

ii. Depreciation: Depreciation of other assets is provided on "Written down value Method ", at the rates prescribed by Schedule XIV to the Companies Act, 1956.

c. Sundry Debtors/Loans and Advances: are stated net of provision for identified doubtful debts/advances.

d. Revenue Recognition: Sales Receipts is recognized on the basis of deliveries made.

e. Retirement Benefits:

i. The retirement benefit in the form of Provident Fund and Pension Schemes, whether in pursuance of any law or otherwise, is accounted on accrual basis and charged to the profit and loss account of the year.

ii. Payment for present liability of future payment of gratuity is made on actual basis.

---

Mar 31, 2010

A. Basis of accounting: The accounts of company are prepared under historical cost convention and in accordance with applicable accounting standards except where otherwise stated. Accounting policies not specifically referred to are consistent with generally accepted accounting practices. Revenue / Income and Costs and Expenditure are generally accounted on accrual basis, as they are earned or incurred.

b. Fixed Assets and Depreciation:

i. All the fixed assets purchased are stated at cost of acquisition except in case of those assets, which are revalued.

ii. Depreciation: Depreciation of other assets is provided on "Written down value Method ", at the rates prescribed by Schedule XIV to the Companies Act, 1956.

c. Sundry Debtors/Loans and Advances: are stated net of provision for identifed doubtful debts/advances.

d. Revenue Recognition: Sales Receipts is recognized on the basis of deliveries made.

e. Retirement Benefits:

i. The retirement benefit in the form of Provident Fund and Pension Schemes, whether in pursuance of any law or otherwise, is accounted on accrual basis and charged to the Profit and loss account of the year.

ii. Payment for present liability of future payment of gratuity is made on actual basis.