Precious Trading & Investments Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

Mar 31, 2013

1. GENERAL

a) The Financial Statements have been prepared under the Historical Cost Convention in accordance with the generally accepted Accounting principles, the Accounting Standards issued by the Institute of Chartered Accountants of India and as referred to in Section 211 (3C) of the Companies Act, 1956 and the Provisions of the Companies Act, 1956.

b) The company follows the mercantile system of accounting and recognizes Income & Expenditure on accrual basis.

2. INVESTMENTS:

Long Term Unquoted investments are stated At Cost. Cost Includes the Purchase Cost and the incidental expenses to Acquisition.

3. OTHER ACCOUNTING POLICIES:

These are consistent with generally accepted accounting policies

4. CLAIMS, DEMANDS AND CONTINGENCIES

Disputed and/or contingent liabilities are either provided for or disclosed depending on management''s judgment of potential outcome.

5. PROVISION FOR DEFERRED TAXATION

Income tax on income are provided for after considering the tax effect of timing difference, which arise during the Year and reversed in subsequent period, Deferred Tax has been calculated at the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date and is recognized on Timing differences that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets, subject to consideration of prudence, are recognized and carried forward only to the extent that they can be realized.

---

Mar 31, 2011

1.GENERAL :

a) The Financial Statements have been prepared under the Historical Cost Convention in accordance with the generally accepted Accounting principles the Accounting Standards issued by the institute of Chartered Accountants of India and as referred to in Section 211 (3C) and other Provisions of the Companies Act,1956.

b). The company follows the mercantile system of accounting and recognizes Income & Expenditure on accrual basis.

2. INVESTMENTS:

Long Term Unquoted investments are stated At Cost, Cost Includes tne Purchase Cost and the incidental expenses to Acquisition.

3. OTHER ACCOUNTING POLICIES:

These are consistent with generally accepted accounting policies.

4. CLAIMS, DEMANDS AND CONTINGENCIES:

Disputed and/or contingent liabilities are either provided for or disclosed depending on management's judgment of potential outcome.

5. PROVISION FOR DEFERRED TAXATION:

Income tax on Income ate provided for alter considering the tax effect of timing difference, which arise during the Year and reversed in subsequent period. Deferred Tax has been calculated at the tax rates and laws that have been enacted or substantially enclosed as of the Balance Sheet date and is recoqnized on Timing differences that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets, subject to consideration of prudence, are recognized and carried forward only to the extent that they can be realized.

---

Mar 31, 2010

1. GENERAL:

a) The Financial Statements have been prepared under the Historical Cost Convention in accordance with the generally accepted Accounting principles-the Accounting Standards issued by the Institute of Chartered Accountants of India and as referred to in Section 211 (3C) and other Provisions of the Companies Act. 1956.

B] The company follows the mercantile system of accounting and recognizes Income & Expenditure on accrual basis.

2. INVESTMENTS:

Long Term Unquoted investments are stated At Cost. Cost Includes the Purchase Cost and the incidental expenses to Acquisition.

3. OTHER ACCOUNTING POLICIES:

These are consistent with generally accepted accounting policies

4. CLAIMS, DEMANDS AND CONTINGENCIES:

Disputed and/or contingent liabilities are either provided (or or disclosed depending on managements judgment of potential outcome.

5. PROVISION FOR DEFERRED TAXATION:

Income tax on Income are provided for after considering the tax effect of timing difference, which arise during the Year and reversed in subsequent period, Deferred Tax has been calculated at the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date and is recognized on Timing differences that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets, subject to consideration of prudence, are recognized and carried forward only to the extent that they can be realized.

---

Mar 31, 2009

1. GENERAL:

a) The Financial Statements have been prepared under, the Historical Cost Convention in accordance with the generally accepted Accounting principles, the Accounting Standards issued by the Institute of Chartered Accountants of India and as referred to in Section 211 (3C) and other Provisions of the Companies Act, 1956.

B] The company follows the mercantile system of accounting and recognizes Income & Expenditure on accrual basis.

2. INVESTMENTS:

Long Term Unquoted investments are stated At Cost. Cost Includes the Purchase Cost and the incidental expenses to Acquisition.

3. OTHER ACCOUNTING POLICIES:

These are consistent with generally accepted accounting policies

4. CLAIMS, DEMANDS AND CONTINGENCIES:

Disputed and/or contingent liabilities are either provided for or disclosed outstanding on managements judgement of political outgo.

5. PROVISION FOR DEFERRED TAXATION:

Income tax on Income are provided for after considering the tax effect of timing difference, which arise during the Year and reversed in subsequent period, Deferred Tax has been calculated at the tax rates and laws that have been enacted of substantially enacted a of the Balance Sheet date and is recognized on Timing differences, that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets, subject to consideration of prudence, are recognized and carried forward only to the extent that they can be realized.