Election 2014
SENSEX NIFTY
Moneycontrol.com India | Accounting Policy > Trading > Accounting Policy followed by BSI - BSE: 507070, NSE: BSI
YOU ARE HERE > MONEYCONTROL > MARKETS > TRADING > ACCOUNTING POLICY - BSI
BSI
BSE: 507070|NSE: BSI|SECTOR: Trading
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
BSI is not traded in the last 30 days
BSI is not traded in the last 30 days
Accounting Policy Year : Mar '00
 a) Basis of Accounting
 
 The financial statements are prepared under the historical cost
 convention adjusted for revaluation of certain items of plant &
 machinery, and in accordance with the generally accepted accounting
 practices.
 
 b) Fixed Assets
 
 Fixed Assets are stated at cost less accumulated depreciation except
 where revalued.  Cost in respect of major expansion project includes
 pre-operative expenses.
 
 Asses acquired under hire purchase agreements are capitalised and
 obligations under hire purchase agreements are apportioned between
 finance charged and capital re-payment in proportion to the balance of
 capital repayment outstanding.
 
 c) Investments :
 
 Long term investments are stated at cost less provision for permanent
 diminution in the value of such investments.  Current investments are
 carried at lower of the cost and net realisable value.
 
 d) Inventories :
 
 Raw-materials, Stores and Spare Parts and Work-in-Progress are valued
 at cost.  Stock-in-Trade is valued at lower of cost and net realisable
 value except molasses and solvent oil which are stated at realisable
 values.
 
 Cost of production of sugar is determined on an annual weighted average
 and cost of de-oiled cake is determined on first in first out basis.
 
 e) Change in Accounting Policy
 
 (I) Cost of property held as Stock in Trade includes interest cost for
 the holding period till 31st March, 1999
 
 To fall in line with the Accounting Standard AS-2 on Valuation of
 inventories issued by the institute of Chartered Accountants of India,
 Interest cost of the holding period is not included in the cost of
 property from 1st April, 1999.
 
 (ii) As required by the revised guidance note on accounting for excise
 duty issued by the institute of Chartered Accountant of India, the
 Company has changed the practice of accounting for excise duty and
 accordingly provided for excise duty payable on finished goods lying in
 the factory and included the same in valuation of finished goods
 inventory as at close of the year as against the past practice not
 providing for the same.
 
 f) Depreciation :
 
 (i) Sugar Factory :
 
 Depreciation on assets acquired upto 31st March, 1991 is provided on
 the Written Down Value method at the rates prescribed under schedule
 XIV to the Companies Act, 1956.
 
 Depreciation on machinery acquired after 1st April, 1991 is provided on
 the Straight Line Method at the rates prescribed under schedule XIV
 to the Companies Act, 1956.
 
 (ii) Solvent Extraction Plant :
 
 Depreciation is provided on the Straight Line Method at the rates
 prevailing at the time of acquisition in respect of assets acquired
 upto 30th September, 1987 and at the rates prescribed schedule XIV to
 the companies Act, 1956 in respect of assets acquired thereafter.
 
 (iii) Other Assets :
 
 Depreciation is provided on the written down value method at the rates
 prescribed in schedule XIV of the Companies Act, 1956.
 
 (iv) Depreciation on assets acquired/disposed off during the year is
 provided on pro-rata basis.
 
 (v) Depreciation on revalued assets is provided on the gross value of
 assets as increased by the amount of revaluation.  The charge
 pertaining to revaluation is withdrawn from Revaluation Reserve and
 credited to Profit & Loss Account.
 
 g) Sales
 
 Sales are inclusive of excise duty, claims receivable on account of
 Inferior/damaged goods, and compensation received from buyers for non
 performance.
 
 h) Foreign Currency Fluctuations
 
 Transactions in foreign currencies are recorded at the exchange rate
 prevailing on the date of the transactions.  Current assets and current
 liabilities are translated at year end exchange rates and the gain/
 loss so determined and also the realised gains/losses are recognised In
 the Profit & Loss Account.  Non- monetary assets are carried at the
 exchange rates prevailing on the date of the transaction.
 
 i) Retirement Benefits
 
 Provident Fund is administered through Regional Provident Fund
 Commissioner and also an approved Trust.  The gratuity funds are
 administered through a Trust.  The contributions under the provident
 funds and the gratuity schemes are charged to revenue.  Retirement
 leave encashment benefits have been estimated on best judgment basis
 and provided in the financial statements.
 
 j) Deferred Revenue Expenditure
 
 Revenue expenditure of an enduring nature, the benefit of which is
 expected to accrue over an extended period is deferred and amortised
 over the period in which the benefits are expected to accrue.
 
 * Capital Issue expenses are amortised over seven years.
 
 * Voluntary retirement expenditure is amortised over five years.
 
 * Advertisement and publicity expenses are amortised over five years.
Source : Dion Global Solutions Limited
Quick Links for bsi
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.