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moneycontrol.com भारत | लेखांकन नीति > Textiles - Weaving > लेखांकन नीति फॉलोड से सुभाष सिल्क मिल्स - बीएसई: 530231, NSE: N.A

सुभाष सिल्क मिल्स

बीएसई: 530231  |  NSE: N.A  |  ISIN: INE690D01014  |  Textiles - Weaving

खोजें सुभाष सिल्क मिल्स कनेक्शन मार्च 14
लेखांकन नीति साल : मार्च '15
(i) BASIC OF PREPARATION OF FINANCIAL STATEMENTS
 
 (a) The financial statements have been prepared under the historical
 cost convention, in accordance with the generally accepted accounting
 principles and the provisions of the Companies Act, 1956 as adopted
 consistently by the Company
 
 (b) Accounting policies not specifically referred to otherwise are
 consistent with generally accepted accounting principles followed by
 the Company.
 
 (ii) 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 the reported
 amount of revenue and expenses during the reporting period. Difference
 between the actual result and estimates are recognized in the period in
 which the results are known / materialized.
 
 (iii) FIXED ASSETS
 
 Fixed assets have been stated at cost of acquisition including
 incidental charges to bring the asset into the working condition for
 the intended use less depreciation.
 
 (iv) DEPRECIATION AND AMORTISATION
 
 (a) Depreciation on fixed assets are provided on straight line method
 at the rates prescribed under Schedule XIV of the Companies Act, 2013,
 subject to writing off of 95% of the original cost.
 
 (b) Difference in Depreciation due to changes in the Companies Act,
 2013 have been debited / credited to the Capital Reserves.
 
 (v) IMPAIRMENT
 
 Impairment loss is recognized whenever the carrying amount of an asset
 is in excess of its recoverable amount and the same is recognized as an
 expense in the statement of profit and loss and carrying amount of the
 asset is reduced to its recoverable amount.
 
 Reversal of impairment losses recognized in prior years is recorded
 when there is an indication that the impairment losses recognized for
 the asset no longer exist or have decreased.
 
 (vi) INVESTMENTS
 
 All long term Investments are valued at cost. However Provision for
 Diminution is made if such diminution is permanent is nature.
 
 (vii) INVENTORIES
 
 (a) Inventories of fabric and garments are valued at the lower of cost
 and estimated net realizable value, after providing for cost of
 obsolescence. Finished goods and Work-in-progress include an
 appropriate proportion of overheads and, where applicable, excise duty.
 
 (viii) SALES
 
 Sales comprises of Sale of fabric, garments and flats less rebates,
 incentives and returns.
 
 (ix) RECOGNITION OF REVENUE
 
 (a) Sales : Sales of fabrics and garments are recognized as and when
 the goods are dispatched to the party.
 
 (b) Other Income: Other Income is recognized as and when it has become
 due.
 
 (x) RETIREMENT BENEFIT SCHEMES
 
 Provision for retirement benefits, to the extent applicable to the
 Company, has been provided as follows:
 
 (a) Provident Fund is not applicable to the Company.
 
 (b) Gratuity has not been provided in the books of accounts as the same
 will be charged as and when paid.
 
 (c) Leave encashment has not been provided in the books of accounts as
 the same will be charged as and when paid.
 
 (xi) TAXATION
 
 Provision for current income tax is made in accordance with the Income
 Tax Act, 1961. Deferred tax liabilities and assets are recognized at
 substantively enacted tax rates, subject to the consideration of
 prudence, on timing difference, being the difference between taxable
 income and accounting income that originate in one period and are
 capable of reversal in one or more subsequent periods.
 
 (xii) METHOD OF ACCOUNTING
 
 The Company follows mercantile system of accounting, Income and
 Expenditure are accounted for on accrual basis unless otherwise stated.
 
 (xiii) BORROWING COSTS
 
 Interest and other costs incurred for acquisition of qualifying assets,
 upto the date of commissioning / installation, are capitalized as part
 of the cost of the said asset.
 
 (xiv) FOREIGN CURRENCY TRANSLATION
 
 Liabilities / Assets in foreign currencies are reckoned in the accounts
 as per the following governing principles :
 
 (a) All foreign currency transactions, except (b) below mentioned, are
 recorded at the rate prevailing on the date of the transaction and the
 exchange difference arising out of the year end transactions are
 charged to the Profit & Loss Account.
 
 (b) All foreign currency Assets and Liabilities are restated at the
 exchange rate prevailing at the year end. The net variation arising out
 of the said translation are adjusted to the cost of the Fixed Assets.
 Depreciation on such variation is provided for the full year.
 
 (xv) 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 outflow of resources.
 Contingent Liabilities are not recognized but are disclosed in the
 notes. Contingent Assets are neither recognized nor disclosed in the
 financial statements.
 
 
 
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `60.18 Cr की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `425.98 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `1569.80 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `528.06 Cr की बिकवाली
  • MARKET CUES : इंडेक्स ऑप्शंस में `720.14 Cr की बिकवाली
  • MARKET CUES : स्टॉक फ्यूचर्स में `367.32 Cr की बिकवाली
  • MARKET CUES : स्टॉक ऑप्शंस में `45.72 Cr की खरीदारी
  • MPC MEET ON CREDIT POLICY : आज क्रेडिट पॉलिसी का एलान
  • JEFFERIES ON GODREJ PROPERTIES : Buy रेटिंग, लक्ष्य बढ़ाकर `1,040/Sh
  • HDFC : आज से खुलेगा QIP, फ्लोर प्राइस `1,838.94/Sh

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