Neptune Exports Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

1.1 ACCOUNTING CONCEPTS

The accounts of the company are prepared under the historical cost convention under accrual method of accounting unless stated otherwise hereinafter. Accounting Policies not specifically referred to, are in consistance with generally accepted accounting principles.

1.2 FIXED ASSETS

(i) Fixed Assets are stated at cost less depreciation. The cost of fixed assets include installation and other incidental expenses.

(ii) Depreciation is provided on W.D.V. method at the rates prescribed in Schedule XIV of the Companies Act, 1956.

1.3 INVESTMENTS

These are recorded at cost inclusive of transfer expenses. When any investment is acquired without any cost (such as bonus) the same is valued at nil.

1.4 REVENUE RECOGNITION

Revenue from the Sale of goods are recognised on passing of title to the customers.

1.5 RETIREMENT BENEFITS

There are accounted for on cash basis except gratuity which has been provided based on year end liability.

1. ACCOUNTING CONCEPTS

The accounts of the company are prepared under the historical cost convention under accrual method of accounting unless stated otherwise hereinafter. Accounting policies not specifically referred to, are in consistance with generally accepted accounting pronciples.

2. FIXED ASSETS

(i) Fixed Assets are stated at cost less depreciation. The cost of fixed assets include installation and other incidental expenses.

(ii) Depreciation is provided on W.D.V. method at the rates prescribed in schedule XIV of the Companies Act.1956.

3. INVESTMENTS

These are recorded at cost inclusive of transfer expenses. When any investment is acquired without any cost (such as bonus) the same is valued at nil.

4. INVENTORIES

Closing stock is valued on FIFO method at lower of cost or net realisable value.

5. FOREIGN CURRENCY TRANSACTION

a) Transactions denominated in Foreign currencies are normally recorded at exchange rates prevailing at the time of the transactions.

b) Monetory items denominated in foreign currencies at the year end are translated at year end rates

c) Non monetory foreign currency items are carried at cost.

d) Any income or expenses on account of exchange differences either on settlement or on translation is recognised in the Profit & Loss Account.

6. REVENUE RECOGNITION

Revenue from the sale of goods are recognised on passing of title to the customers.

7. RETIREMENT BENEFITS

These are accounted for on cash basis except gratuity which has been provided based on year end liability.