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moneycontrol.com भारत | लेखांकन नीति > Edible Oils & Solvent Extraction > लेखांकन नीति फॉलोड से रत्ननामनी एग्रो इंडस्ट्रीज - बीएसई: 507652, NSE: N.A

रत्ननामनी एग्रो इंडस्ट्रीज

बीएसई: 507652  |  NSE: N.A  |  ISIN: INE679N01016  |  Edible Oils & Solvent Extraction

खोजें रत्ननामनी एग्रो इंडस्ट्रीज कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
 i) ACCOUNTING CONCEPT:
 
 a. These accounts are prepared on the historical cost convention and on
 the accounting principle of a going concern.
 
 b. Accounting policies not specifically referred to otherwise be
 consistent and in consonance with generally accepted accounting
 principle.
 
 RECOGNITION OF INCOME AND EXPENDITURE
 
 ii) Company accounts Incomes and Expenses on accrual basis in
 accordance with the generally accepted accounting principles except
 dividend which are accounted on cash basis.
 
 USE OF ESTIMATES
 
 The presentation 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 reported amount
 of revenues 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.
 
 FIXED ASSETS & DEPRECIATION
 
 iv) The Gross Block of Fixed Assets is shown at historical cost, which
 includes taxes and other identifiable direct Expenses, less impairment
 loss. The cost of fixed assets includes the cost of acquisition
 including freight, taxes, duties and other identifiable direct
 expenses, except otherwise specifically excluded and expressed by way
 of note, attributable to acquisition of assets up to the date the asset
 put to use less the accumulated depreciation on it.
 
 Depreciation is NOT provided on Written Down Value Method at the rates
 and in the manner specified in Schedule XIV of the Companies Act, 1956.
 The depreciation on addition / disposal is provided pro-rate basis.
 
 v) SALES /TURNOVER
 
 Sales are recognized, net of returns, on dispatch of goods to customers
 the satisfaction of the customer and are reflected in the accounts at
 net value.
 
 INVESTMENT
 
 vi) Investments are carried at cost. They are long-term investment. The
 fall in value being temporary in nature, no provision is made for
 diminution in value.
 
 INVENTORY
 
 vii) Inventories are valued on FIFO basis at lower of cost or market
 price except cotton waste and scrap material, which are shown at Net
 Realizable Value.
 
 vii) TREATMENT OF RETIREMENT BENEFITS
 
 1. Short Term Employee Benefits: The undiscounted amount of short term
 employee benefits expected to be paid in exchange for the service
 rendered by employee is recognized during the period when the employee
 render the service.
 
 2.  Post Employee Benefits: Contribution to defined contribution scheme
 such as provident fund etc. is charged to P&L Account as incurred.
 
 viii) TAXATION
 
 Tax liabilities of the company are estimated considering the provision
 of the I.T.  Act, 1961. The deferred tax Liability for timing
 difference between the book and tax profit for the year is accounted
 using the rates and Tax Laws that have been enacted or substantially
 enacted at the balance sheet date. Deferred Tax assets arising from the
 timing difference are recognized to the extent that there is reasonable
 certainty that sufficient future taxable income will be available.
 
 x) CONTINGENT LIABILITIES
 
 Contingent liabilities are not provided for (unless otherwise stated)
 and are disclosed by way of notes on account, if any.
 
 
 
स्रोत: रेलीगरे टेचनोवा

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