Packtech Industries Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

A. Method of Accounting:

Financial Statements are prepared in accordance with applicable Accounting standards under the historical cost convention on accrual basis.

The Company generally follows the mercantile systems of accounting and recognizes significant items of income and expenditure on accrual basis.

B. Fixed Assets:

Fixed assets are stated at cost and as reduced by accumulated deprecation. All costs including financial cost, up to the date commissioning and attributable to the fixed assets are capitalized.

C. Investments:

Current investments are carried at the lower of cost & quoted/fair value, computed category wise. Long Term Investments are stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary in the opinion of the management.

D. Provisions:

Provisions are recognized when the company has present legal or contractual obligations, as a result of past event, for which it is probable that an outflow of economic benefits will be required to settle the obligations and a reliable estimate can be made for the amount of obligation.

E. Taxes on Income:

Tax on income for the current period is determined on the basis of taxable income and after considering the available deductions under the Income Tax Act, 1961.