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ગીરીશ હોટેલ રીસોર્ટ્સ એન્ડ હેલ્થ ફાર

બીએસઈ: 530875  |  ઍનઍસઈ : N.A  |  ISIN:  |  Hotels

શોધો ગીરીશ હોટેલ રીસોર્ટ્સ એન્ડ હેલ્થ ફાર કનેક્શન
એકાઉન્ટીંગ નીતિ વર્ષ : માર્ચ '11
1.  Basis of Accounting

The financial statements are prepared in accordance with the historical cost convention, generally accepted accounting principles and with the requirements of the Companies Act, 1956.

2. Use of Estimates

The preparation of financial statements, in conformity with the generally accepted accounting principles, requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Differences between the actual results and estimates are recognized in the period in which the results are known/ materialized.

3. Revenue Recognition

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

4. Fixed Assets

Fixed assets are recorded at the cost of acquisition. Cost includes all identifiable expenditure incurred to bring the asset to its present condition and location.

5. Depreciation

Depreciation is provided on Written Down Value method in a manner as per the rates prescribed in Schedule XIV of the Companies Act, 1956

6. Inventory Valuation

Inventory are valued at lower of cost and net realizable value. Net realizable value is based on the management estimate or available market quotes. Cost is arrived based on Purchase cost plus duties and freight expenses incurred to bring the material into the Warehouse.

7. Retirement Benefits

i) Provident Fund: Provisions of Provident Fund are not applicable to the Company.

ii) Gratuity and Leave Encashment Liability of retirement benefits of employees such as gratuity and leave encashment are not provided by the management and the same will be accounted for as and when it arises. However, this practice is not in accordance with the mandatory accounting standard 15 on retirement benefits issued by the Institute of Chartered Accountants of India. Though the Company's accounting policy in respect of accounting for retirement benefits is not in accordance with the mandatory accounting standard, in the opinion of the Directors, considering the staff strength of the Company the accounting of these liabilities on cash basis will not have any material impact of the profitability of the Company.

8. Investments

Investments are in nature of long term and stated at cost of acquisition. Provision for decline in value, other than temporary, is made in the accounts.

9. Taxes on Income

Current Tax

Provision for taxation is made after availing deductions and exemptions under the Income Tax Act, 1961.

Deferred Tax

Deferred tax is recognized, on timing differences, between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted or substantively enacted as on the Balance Sheet date.

10. Treatment of Contingent Liabilities

Contingent Liabilities are disclosed by way of notes in the Balance Sheet. Provision is made in accounts for those liabilities, which are likely to materialize after the year-end and having effect on the position stated in Balance Sheet as at the year-end.

11. Impairment of Asset

An asset is treated as impaired when carrying cost of assets exceeds its carrying value. An impairment loss is charged to the profit and loss account in the year in which an asset identified as impaired. The impairment loss recognized in prior accounting period is increased/reversed where there has been change in the estimates of recoverable value. The recoverable is the higher of assets net selling price and value in use

12. Preliminary Expenses and share issue Expenses

Preliminary expenses and public issue expenses will be written off in equal installment over period of ten years.

સ્તોત્ર: રેલીગેર ટેકનોવા


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