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वत्सा म्यूजिक

बीएसई: 531894  |  NSE: VATSMUSC  |  ISIN: INE816A01029  |  Media & Entertainment

खोजें वत्सा म्यूजिक कनेक्शन मार्च 13
लेखांकन नीति साल : मार्च '14
 1 BASIS OF ACCOUNTING
 
 A.  THE ACCOUNTS ARE PREPARED IN ACCORDANCE WITH THE MANDATORY
 ACCOUNTING STANDARDS ISSUED BY THE INSTITUTE OF CHARTERED ACCOUNTS OF
 INDIA AND RELEVANT PROVISIONS OF THE COMPANIES ACT, 1956.
 
 B.  THE ACCOUNTS HAVE BEEN PREPARED ON HISTORICAL COST BASIS.
 
 C.  THE COMPANY GENERALLY FOLLOWS THE MERCANTILE SYSTEM OF ACCOUNTING &
 RECOGNIZED INCOME AND EXPENDITURE ON AN ACTUAL BASIS.
 
 2. FIXED ASSETS :
 
 (I) FIXED ASSETS ARE STATED AT THE COST LESS ACCUMULATED DEPRECIATION,
 COST IS INCLUSIVE OF DIRECTLY ATTRIBUTABLE COST OF BRINGING THE ASSETS
 FOR THEIR WORKING CONDITION.
 
 (II) AMOUNT PAID ON ACCOUNT OF PURCHASE OF AUDIO RIGHTS, WHICH HAS
 RELEASED DURING THE YEAR HAS BEEN TREATED AS FIXED ASSETS.
 
 3. INVESTMENT:
 
 INVESTMENTS ARE STATED AT COST.
 
 4. INVENTORIES:
 
 INVENTORIES ARE VALUED AT LOWER OF COST OR MARKET VALUE EXCEPT SHARES
 AND SECURITIES, WHICH ARE VALUED AT COST.
 
 7. MISCELLANEOUS EXPENDITURE
 
 PRELIMINARY EXPENSES AND SHARE ISSUE EXPENSES IS BEING WRITTEN OFF OVER
 A YEAR OF 10 DAYS.
 
 8. CONTINGENT LIABILITY:
 
 CONTINGENT LIABILITIES ARE DETERMINED ON THE BASIS OF AVAILABLE
 INFORMATION.
 
 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED ON 31 ST MARCH, 2014
 
 1. Significant Accounting Policies
 
 A.  Basis of Accounting
 
 a The financial statements are prepared under the historical cost
 convention using the accrual system of accounting in accordance with
 the accounting principles generally accepted in India (Indian GAAP) and
 the requirements of the Companies Act, 1956, including the mandatory
 Accounting Standards as prescribed by the Companies (Accounting
 Standards) Rules 2006.
 
 b.  Use of Estimates
 
 The preparation of financial statements in conformity with Generally
 Accepted Accounting Principles (GAAP) requires the management of the
 Company to make estimates and assumptions that affect the reported
 balances of assets and liabilities and disclosures relating to the
 contingent liabilities as at the date of the financial statements and
 reported amounts of income and expenses during the year. Example of
 such estimates include provisions for doubtful debts, employee
 retirement benefits plans, provision for income tax, provision for
 warranty cost and the useful Ives of fixed assets. The difference
 between the actual results and estimates are recognised in the period
 in which the results are known and materialised.
 
 B.  Fixed Assata/Capttal Work In Progress
 
 a.  Fixed Assets are stated at coet, less accumulated depreciation /
 amortisation and impairment loss, if any. The actual cost is inclusive
 of freight, installation cost, duties, taxes, financing cost and other
 incidental expenses related to the acquisition and installation of the
 respective assets but does not include tax/duty credits availed.
 
 b.  Capital Work in Progress is carried at cost, comprising of direct
 cost, attributable interest and related incidental expenditure.
 
 C.  Depreciation
 
 Depreciation on fixed assets is provided on Straight Line Method at the
 rates specified in Schedule XIV to the Companies Act, 1956 or based on
 useful life of assets, whichever is higher.
 
 Intangibles : Intangible Assets are amortised over a period of five
 years.
 
 D.  Impairment of Assets
 
 The Fixed Assets or a group of assets (cash generating units) are
 reviewed for impairment at each Balance Sheet date.  In case of any
 such Indication, the recoverable amount of these assets is determined,
 and If such recoverable amount of the asset or cash generating unit to
 which the asset belongs is less than it''s carrying amount, the
 impairment loss Is recognised by writing down such assets to their
 recoverable amount. An impairment loss is reversed if there is change
 In the recoverable amount and such loss either no longer exists or has
 decreased.
 
 E.  Investments
 
 Quoted Investments are valued at cost or market value whichever Is
 lower. Unquoted Investments are stated at Cost.  The decline in the
 value of the Unquoted Investments, other than temporary, is provided
 for. Cost is inclusive of brokerage, fees and duties but excludes
 Securities Transaction Tax, If any.
 
 F.  Inventories
 
 Inventories are valued at cost or net realisable value whichever is
 lower. Cost of Inventories comprises all costs of purchase, conversion
 and other costs incurred in bringing the inventories to their present
 location and condition. Cost Is determined on weighted average basis.
 
 G.  Borrowing Costs
 
 Borrowing costs that are directly attributable to the acquisition,
 construction or production of an qualifying asset are capitalised as
 part of the cost of that asset. A qualifying asset is one that
 necessarily lakes substantial period of time to get ready for intended
 use. Other borrowing costs are recognised as an expense in the period
 in which they are incurred.
 
 H.  Excise and Customs Duty
 
 Excise Duty in respect of finished goods lying in factory premises and
 Customs Duty on goods lying in customs bonded warehouse are provided
 for and included in the valuation of inventory.
 
 I.  CENVAT / Value Added Tax
 
 CENVAT/Value Added Tax benefit is accounted for by reducing the
 purchase cost of the materials/fixed assets/services.
 
 J.  Revenue Recognition
 
 a. Revenue is recognised on transfer of significant risk and reward in
 respect of ownership.
 
 b. Sales/Turnover for the year Includes sales value of goods, excise
 duty, duty drawback and other recoveries such as insurance,
 transportation and packing charges but excludes sales tax, value added
 tax and recovery of finance and discounting charges.
 
 c.  Insurance, Duty Drawback and other claims are accounted for as and
 when admitted by the appropriate authorities.
 
 d.  Dividend on investments is recognised when the right to receive is
 established.
 
 K.  Foreign Currency Transactions
 
 Transactions in foreign currencies are recorded at the exchange rate
 prevailing on the date of transactions. Foreign Currency Monetary
 Assets and Liabilities are translated at the year end rate. The
 difference between the rate prevailing on the date of transaction and
 on the date of settlement as also on translation of Monetary Items at
 the end of the year is recognised, as the case may be, as income or
 expense for the year.
 
 L Employee Benefits
 
 a. Short Term Employees Benefits
 
 Short Term Employees Benefits are recognised as an expense at the
 undiscounted amount in the Statement of Profit and Loss of the year in
 which the related services are rendered,
 
 b. Post Employment Benefits
 
 I Provident Fund * Defined Contribution Plan
 
 The Company contributes monthly at a determined rate. These
 contributions are remitted to the Employees'' Provident Fund
 Organisation, India for this purpose and is charged to Statement of
 Profit and Loss on accrual basis.
 
 II. Gratuity - Defined Benefit Plan
 
 The Company provides for gratuity to all the eligible employees. The
 benefit is in the form of lump sum payments to vested employees on
 retirement, on death while in employment, or termination of employment
 for an amount equivalent to 15 days salary payable for each completed
 year of service. Vesting occurs on completion of five years of service.
 Liability in respect ot gratuity is determined using the projected unit
 credit method with actuarial valuations as on the Balance Sheet date
 and gains/losses are recognised immediately in the Statement of Profit
 and Loss.
 
 III. Leave Encashment
 
 Liability in respect of leave encashment is determined using the
 projected unit credit method with actuarial valuations as on the
 Balance Sheet date and gains/losses are recognised immediately in the
 Statement of Profit and Loss.
 
 M.  Taxation
 
 Income tax comprises of current tax and deferred tax. Provision for
 current Income tax Is made on the assessable income/ benefits at the
 rate applicable to relevant assessment year, Deferred tax assets and
 liabilities are recognised for the future tax consequences of timing
 differences, subject to the consideration of prudence. Deferred tax
 assets and liabilities are measured using the tax rates enacted or
 substantively enacted by the Balance Sheet date. The carrying amount of
 deferred tax asset/liability are reviewed at each Balance Sheet date
 and recognised and carried forward only to the extent that there is a
 reasonable certainty that the asset will be realised in future. Minimum
 Alternate Tax (MAT) paid on the book profits, which give rise to future
 economic benefits in the form of tax credit against future income-tax
 liability, is recognised as an asset in the Balance Sheet if there is
 convincing evidence that the Company will pay normal tax within the
 period specified for utilisation of such credit.
 
 N.  Research and Development
 
 Revenue Expenditure pertaining to Research and Development is charged
 to revenue under the respective heads of account in the period in which
 it is incurred. Capital expenditure, if any, on Research and
 Development is shown as an addition to Fixed Assets under the
 respective heads.
 
 O.  Provisions, Contingent Liabilities and Contingent Assets
 
 Provisions are recognised when there is a present obligation as a
 result of past events and it is probable that there will be an outflow
 of resources in respect of which reliable estimate can be made.
 
 Contingent Liabilities are disclosed by way of Notes to Accounts.
 Disputed demands in respect of Central Excise, Customs, Income-tax and
 Sales Tax are disclosed as contingent liabilities. Payment in respect
 of such demands if any, is shown as an advance, till the final outcome
 of the matter.
 
 Contingent assets are not recognised in the financial statements.
 
 P.  Warranty
 
 Provision for the estimated liability in respect of warranty on sale of
 consumer electronics and home appliances products is made in the year
 in which the revenues are recognised, based on technical evaluation and
 past experience.
 
 Q.  Prior period items
 
 Prior period items are included in the respective heads of accounts and
 material items are disclosed by way of Notes to Accounts.
 
 R.  Other Accounting Policies
 
 These are consistent with the generally accepted accounting principles.
 
 
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

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