Shonkh Technologies International Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

A. BASIS OF ACCOUNTING

i) The accounts have been prepared in accordance with the historical cost concept and in accordance with the applicable accounting standards.

ii). Income and expenditure are generally accounted for on accrual basis.

b. FIXED ASSETS

Fixed assets are stated at cost of acquisition or construction inclusive of freight, duties, taxes and other expenses related to acquisition and installation of the assets concerned.

c. DEPRECIATION

The Company has not provided any depreciation as there is no busines asctivity during the period under review.

d. INVENTORIES

Inventories including Software Stock are valued at cost.

e. RETIREMENTS BENEFITS

i) Leave Encashment.

Provision has been made for leave encashment as required by accounting standard 15 issued by ICAI.

ii) Gratuity

Since no employee is of more than 5 years old in the Company. No Provision has been made.

f. RESEARCH AND DEVELOPMENT

Revenue expenditure incurred on research and development is charged to revenue in the period it is incurred. Assets used for research and development activities are included in fixed assets.

g. FOREIGN EXCHANGE TRANSACTIONS

i) Import of goods / services and other transactions in foreign currency are recorded at the exchange rate prevailing at the time of transactions.