Associated Marmo & Granites Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

Mar 31, 2014

(a) Basis of preparation of financial statements:

1. The accompanying financial statements have been prepared in accordance with the historical cost convention.

2. Accounting policies not specifically referred to otherwise stated are consistent with generally accepted Accounting Principles followed by the company.

3. All the items of income & expenditure are recognised on accrual basis except dividend income which will be considered on receipt basis.

(b) Revenue Recognition:

1. Sales revenue is recognised on despatch of goods. Job charges are accounted for, on base of job work finished.

2. Dividend Income in respect of Investment is considered on receipt basis.

(c) Inventories: Inventories are valued as under:

(i) Raw Material : At Cost

(ii) Work in Progress : At Estimated Cost

(iii) Stores & Spares : FIFO

(iv) Finished Goods : At Cost or Market Price whichever is lower.

(d) Fixed Assets: Fixed Assets are stated at cost of acquisition or construction less depreciation. Cost of acquisition or construction comprises the purchases/construction price, duties, taxes, inward freight, incidental expenses, erection/commissioning expenses upto the date the assets are put to use. In the case of revaluation of fixed assets, the original cost as written up by the valuer is considered in the accounts and the differential amount transferred to Revaluation Reserve Account.

(e) Depreciation: (a) Depreciation on fixed assets provided for on straight line method as per the rates and manner prescribed under Schedule XIV of the Companies Act 1956, keeping in view the amendments made by notification No. GSR. 756E dated 16th December, 1993 in the said schedule.

(i) In the case of the assets installed upto 31.03.91 on the amount arrived at by written down value method as per the rates & manner prescribed by section 32 of Income Tax Act as on 31.03.91.

(ii) The assets added after 31.03.91, on the cost at which they are stated in the Accounts.

(iii) In case of revalued assets, the incremental depreciation attributable to the revaluation is transferred from the Revaluation Reserve Account.

(b) Leasehold land is not amortised.

(f) Investments: Investments are stated at cost.

(g) Benefits to Employees and Workers:

(i) The contributions towards Provident Fund, Family Pension Fund and E.S.I, are charged against revenue on accrual basis.

(ii) Earned leaves, Ex-gratia and attendance incentive are accounted on accrual basis.

(iii) Gratuity Provision for Past and Present employees and workers (including the employees and workers who continued after the take over of Marble Unit) are accounted for on accrual basis and Gratuity paid to the Employees who left during the year has been deducted out of the provision.

(h) Contingencies: Liabilities which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed by way of Notes to the accounts.

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Mar 31, 2010

(a) Basis of preparation of financial statements:

1. The accompanying financial statements have been prepared in accordance with the historical cost convention.

2. Accounting policies not specifically referred to otherwise stated are consistent with generally accepted Accounting Principles followed by the company.

3. All the items of income & expenditure are recognised on accrual basis except dividend income which will be considered on receipt basis.

(b) Revenue Recognition:

1. Sales revenue is recognised on despatch of goods. Job charges are accounted for, on base of job work finished.

2. Dividend Income in respect of Investment is considered on receipt basis.

(c) Inventories : Inventories are valued as under:

(i) Raw Material : At Cost

(ii) Work in Progress : At Estimated Cost

(iii) Stores & Spares : FIFO

(iv) Finished Goods : At Cost or Market Price whichever is lower.

(d) Fixed Assets: Fixed Assets are stated at cost of acquisition or construction less depreciation. Cost of acquisition or construction comprises the purchases/construction price, duties, taxes, inward freight, incidental expenses, erection/commissioning expenses upto the date the assets are put to use. In the case of revaluation of fixed assets, the original cost as written up by the valuer is considered in the accounts and the differential amount transferred to Revaluation Reserve Account.

(e) Depreciation: (a) Depreciation on fixed assets provided for on straight line method as per the rates and manner prescribed under Schedule XIV of the Companies Act 1956, keeping in view the amendments made by notification No. GSR. 756E dated 16th December, 1993 in the said schedule.

(i) In the case of the assets installed upto 31.03.91 on the amount arrived at by written down value method as per the rates & manner prescribed by section 32 of Income Tax Act as on 31.03.91.

(ii) The assets added after 31.03.91, on the cost at which they are stated in the Accounts.

(iii) In case of revalued assets, the incremental depreciation attributable to the revaluation is transferred from the Revaluation

Reserve Account.

(b) Leasehold land is not amortised.

(f) Investments: Investments are stated at cost.

(g) Benefits to Employees and Workers:

(i) The contributions towards Provident Fund, Family Pension Fund and E.S.I, are charged against revenue on accrual basis.

(ii) Earned leaves, Ex-gratia and attendance incentive are accounted on accrual basis.

(iii) Gratuity Provision for Past and Present employees and workers (including the employees and workers who continued after the take over of Marble Unit) are accounted for on accrual basis and Gratuity paid to the Employees who left during the year has been deducted out of the provision.

(h) Contingencies: Liabilities which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed by way of Notes to theaccounts.

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Mar 31, 2009

(a) Basis of preparation of financial statements:

1. The accompanying financial statements have been prepared in accordance with the historical cost convention.

2. Accounting policies not specifically referred to otherwise stated are consistent with generally accepted Accounting Principles followed by the company.

3. All the items of income & expenditure are recognised on accrual basis except dividend income which will be considered on receipt basis.

(b) Revenue Recognition:

1 Sales revenue is recognised on despatch of goods. Job charges are accounted for, on base of job work finished. 2. Dividend Income in respect of Investment is considered on receipt basis.

(c) Inventories: Inventories are valued as under:

(i) Raw Material : At Cost

(ii) Work in Progress : At Estimated Cost

(iii) Stores & Spares : FIFO

(iv) Finished Goods : At Cost or Market Price whichever is lower,

(d) Fixed Assets: Fixed Assets are stated at cost of acquisition or construction less depreciation. Cost of acquisition or construction comprises the purchases/construction price, duties, taxes, inward freight, incidental expenses, erection/commissioning expenses upto the date the assets are put to use. In the case of revaluation of fixed assets, the original cost as written up by the valuer is considered in the accounts and the differential amount transferred to Revaluation Reserve Account.

(e) Depreciation: (a) Depreciation on fixed assets provided for on straight line method as per the rates and manner prescribed under Schedule XIV of the Companies Act 1956, keeping in view the amendments made by notification No. GSR. 756E dated 16th December, 1993 in the said schedule.

(l) . In the case of the assets installed upto 31.03.91 on the amount arrived at by written down value method as per the rates & manner prescribed by section 32 of Income Tax Act as on 31.03.91.

(ii) The assets added after 31.03.91, on the cost at which they are stated in the Accounts.

(iii) In case of revalued assets, the incremental depreciation attributable to the revaluation is transferred from the Revaluation

Reserve Account.

(b) Leasehold land is not amortised.

(0 Investments: Investments are stated at cost.

(g) Benefits to Employees and Workers:

(i) The contributions towards Provident Fund, Family Pension Fund are charged against revenue on accrual basis.

(ii) Earned leaves, Ex-gratia and attendance incentive are accounted on accrual basis.

(iii) Gratuity Provision for Past and Present employees and workers (including the employees and workers who continued after the take over of Marble Unit) are accounted for on accrual basis and Gratuity paid to the Employees who left during the year has been deducted out of the provision.

(h) Contingencies: Liabilities which are material and whose future outcome cannot be ascertained with reasonable certainty are treated as contingent and disclosed by way of Notes to the accounts.