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Moneycontrol.com ભારત | એકાઉન્ટીંગ નીતિ > Steel - Medium & Small > એકાઉન્ટીંગ નીતિ ને અનુસરો દ્રારા બાલાજી ઇન્ડસ્ટ્રીયલ કોર્પોરેશન - બીએસઈ: 500036, ઍનઍસઈ : BALAJIIND

બાલાજી ઇન્ડસ્ટ્રીયલ કોર્પોરેશન

બીએસઈ: 500036  |  ઍનઍસઈ : BALAJIIND  |  ISIN: INE455A01018  |  Steel - Medium & Small

શોધો બાલાજી ઇન્ડસ્ટ્રીયલ કોર્પોરેશન કનેક્શન � માર્ચ 11
એકાઉન્ટીંગ નીતિ વર્ષ : માર્ચ '14
(i) BASIS OF ACCOUNTING
 
 Financial statements are prepared under the historical cost convention
 and as a going concern and in accordance with the normally accepted
 Accounting Standards.
 
 (ii) FIXED ASSETS
 
 A) TANGIBLE ASSETS
 
 Fixed assets are stated at Cost net of Cenvat Credit & VAT Credit less
 accumulated depreciation. Cost is inclusive of freight, duties, taxes
 and all directly attributable costs of bringing the assets to their
 working condition for its intended use.
 
 B) INTANGIBLE ASSETS
 
 Costs relating to Trade Marks and Designs which are acquired are
 capitalized and amortized on a straight line basis over a period of 5
 years.
 
 (iii) EXPENDITURE DURING CONSTRUCTION PERIOD
 
 Expenditure incurred during the construction period is included under
 Capital Work-in-Progress and will be capitalized when ready for
 commercial use.
 
 (iv) BORROWING COSTS
 
 Borrowing costs that are attributable to construction of qualifying
 assets are capitalized as part of cost of such assets till such time
 the asset is ready for its intended use. A qualifying asset is an asset
 that requires a substantial period of time to get ready for its
 intended use. All other borrowing costs are recognized as expenses in
 the period in which they are incurred.
 
 (v) DEPRECIATION
 
 Depreciation is provided on straight-line basis at the rates specified
 in Schedule-XIV of the Companies Act, 1956, on pro rata basis.
 
 (vi) INVENTORIES
 
 (a) Finished goods are valued at cost or market price whichever is
 less. Cost includes appropriate share of related overheads and excise
 duty payable on such goods.
 
 (b) Stocks of raw- materials, stores, spare parts, material-in-transit
 etc., are valued at First-in-First out (FIFO) method. Cost includes
 expenses of procurement, excise and other duties net of Cenvat Credit.
 
 (vii) TURNOVER
 
 Turnover includes of Sale of Goods, Excise duty net of Trade Discounts
 and excludes Value Added Tax.
 
 (viii) INVESTMENTS
 
 Investments are long term and valued at cost. Permanent diminution in
 value will be recognized in the Statement of Profit and Loss. Income
 from Investments is recognized in the year in which it accrues and at
 gross value.
 
 (ix) EXCISE DUTY
 
 Excise duty has been accounted on the basis of both payments made in
 respect of goods cleared as also provision made for goods lying as
 closing stock.
 
 (x) RETIREMENT BENEFITS
 
 Contribution to defined contribution schemes such as provident fund and
 family pension fund is charged to Statement of Profit & Loss as
 incurred. In respect of gratuity, no provision has been made in the
 accounts for the actuarially ascertained liability for future payment
 of gratuity. Gratuity payments are charged to Statement of Profit and
 Loss in the year in which payments are made.
 
 (xi) FOREIGN CURRENCY TRANSACTIONS
 
 (a) Transactions denominated in foreign currencies are normally
 recorded at the exchange rate prevailing at the time of the
 transaction.
 
 (b) The monetary items denominated in foreign currencies at the
 year-end are translated at the year-end rates.
 
 (c) Any income or expense on account of exchange difference either on
 settlement or on translation is recognized in the Statement of Profit
 and Loss.
 
 (xii) TAXES ON INCOME
 
 Income Tax is computed in accordance with Accounting Standard - 22
 (AS-22) issued by the Institute of Chartered Accountants of India. Tax
 expenses are accrued in the same period as the revenue and expenses to
 which they relate.
 
 Provision for current income tax is made on the tax liability payable
 on taxable income after considering tax allowances, deductions and
 exemptions determined in accordance with the prevailing tax laws. The
 difference between taxable income and the net profit or loss before tax
 for the year, as per the financial statements, are identified and the
 tax effect of the deferred tax asset or deferred tax liability is
 recorded for timing differences, i.e. differences that originate in one
 accounting period and reverse in another.
 
 (xiii) IMPAIRMENT OF ASSETS:
 
 Impairment is ascertained at each balance sheet date in respect of the
 Company''s fixed assets. An impairment loss is recognized whenever the
 carrying amount of an asset exceeds its recoverable amount. The
 recoverable amount is the greater of the net selling price and value in
 use. In assessing the value in use, the estimated future cash flows are
 discounted to their present value based on an appropriate discount
 factor.
 
 (xiv) ACCOUNTING FOR PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT
 ASSETS:
 
 Provisions are recognized in terms of Accounting Standard
 29-''Provisions,Contingent Liabilities and Contingent Assets''(AS-29),
 issued by the ICAI, when there is a present legal or statutory
 obligation as a result of past events.
 
 Contingent Liabilities are recognized only when there is a possible
 obligation arising from past events due to occurrence or non-occurrence
 of one or more uncertain future events not wholly within the control of
 the Company or where any present obligation cannot be measured in terms
 of future outflow of resources or where a reliable estimate of the
 obligation cannot be made. Obligations are assessed on an ongoing basis
 and only those having a largely probable outflow of resources are
 provided for.
 
 Contingent Assets are not recognized in the financial statements.
સ્તોત્ર: રેલીગેર ટેકનોવા


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