Ami Computers (I) Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

Mar 31, 2009

A) Accounting Convention: The financial statements are prepared with the consideration that the company is a going concern as it had stopped its operation. The company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except those with significant uncertainties.

b) Accounting policies not specifically referred to are in consonance with generally accepted accounting policies.

c) Fixed Assets: Fixed Assets are stated at cost of acquitision less depreciation.

d) Depreciation : Depreciation on Assets for own use is provided on straight line method at the rates and in the manner specified in Schedule XIV in the Companies Act. 1956.

e) Investments Long term investments are stated at cost. in case there is any diminution in the value of the same the same has not been accounted for in the books.

f) Bank Balances The company follows the practice of crediting bank accounts as and when the cheques are deposited for clearing at the bank without its actual clearance

g) Interest : Interest paid is accounted for on cash basis. No interest has been provided on for non performing loans.

h) Taxation: Provision for Income tax is made after considering exemptions and deductions available at the rates under the Income Tax Act 1961.

i) Miscellaneous Expenditure : Preliminary & public Issue expenses are written off over a period of ten years from the year of incurring of such expenditure. Non recoverable expenses incurred by the company in new ventures is being written off over a period of three years.

j) Retirement Benefits.

i) Contribution to Provident & family Pension Funds are funded as percentage of salary / wages .

ii) Gratuity liability is accounted for as and when it is paid and no actural valuation have been done for the same,

iii) Leave encashment liability is also accounted not as and when paid.

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Mar 31, 2007

A) Accounting Convention: The financial statements are prepared under and on the basis of a going concern. The company follows mercantile system of accounting and recognizes income and expenditure on accrual basis except those with significant uncertainties.

b) Accounting policies not specifically referred to are in consonance with generally accepted accounting policies.

c) Fixed Assets: Fixed Assets are stated at cost of acquitision less depreciation.

d) Depreciation : Depreciation on Assets for own use is provided on straight line method at the rates and in the manner specified in Schedule XIV in the Companies Act. 1956.

e) Investments Long term investments are stated at cost. In case there is any diminution in the value of the same the same has not been accounted for in the books.

f) Bank Balances The company follows the practice of crediting bank accounts as and when the cheques are deposited for clearing at the bank without its actual clearance.

g) Interest : Interest paid is accounted for on cash basis. No interest has been provided on for non performing loans.

h) Taxation: Provision for Income tax is made after considering exemptions and deductions available at the rates under the Income Tax Act 1961.

i) Miscellaneous Expenditure : Preliminary & public Issue expenses are written off over a period of ten years from the year of incurring of such expenditure. Non recoverable expenses incurred by the company in new ventures is being written off over a period of three years.

j) Retirement Benefits.

i) Contribution to Provident & family Pension Funds are funded as percentage of salary / wages .

ii) Gratuity liability is accounted for as and when it is paid and no actural valuation have been done for the same,

iii) Leave encashment liability is also accounted not as and when paid.