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Moneycontrol.com India | Accounting Policy > Hospitals & Medical Services > Accounting Policy followed by Invicta Meditek - BSE: 523844, NSE: N.A
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Invicta Meditek
BSE: 523844|ISIN: INE537B01011|SECTOR: Hospitals & Medical Services
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Invicta Meditek is not listed on NSE
Mar 12
Accounting Policy Year : Mar '13
Basis of preparation:
 
 The financial statements have been prepared in accordance with the
 Accounting Standards issued by the Institute of Chartered Accountants
 of India and the relevant provisions of the Companies Act, 1956. Since
 the business and assets of the company were sold subsequent to the
 Balance Sheet date, the company ceases to be a Going Concern. Therefore
 in the financial statements, assets and liabilities are adjusted to its
 realizable value. The company is following accrual basis of accounting.
 
 Revenue Recognition:
 
 Sales are recognized when the property in the goods passes to the
 buyer.
 
 Fixed Assets:
 
 Fixed Assets have been stated at cost less accumulated depreciation
 less impairment loss. Cost comprises of purchase price and any cost
 attributable to bring the assets into its working condition or its
 intended use.
 
 Depreciation:
 
 Depreciation is provided on Straight Line Basis and at the rates
 specified in Schedule XIV of the Companies Act, 1956.
 
 Assets purchased during the year are depreciated on pro-rata basis for
 the number of days the assets are put to use during the year.
 
 Foreign Currency Transactions:
 
 Transactions in foreign currencies are recorded at the rate prevailing
 on the date of the transaction.  Monetary items are reinstated at the
 rates prevailing in the Balance Sheet date. Exchange gain or losses
 arising from such transactions are recognized in accordance with the AS
 11 prescribed by the ICAI.
 
 Inventories:
 
 Inventories are valued at net realizable value based on the binding
 sale agreement.
 
 Employees Benefits:
 
 The company has registered itself with Provident Fund Authorities and
 accordingly contributions are charged of to revenue.
Source : Dion Global Solutions Limited
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