SENSEX NIFTY India | Accounting Policy > Edible Oils & Solvent Extraction > Accounting Policy followed by Sarvottam Industries - BSE: 519315, NSE: N.A

Sarvottam Industries

BSE: 519315|SECTOR: Edible Oils & Solvent Extraction
Sarvottam Industries is not traded in the last 30 days
Sarvottam Industries is not listed on NSE
Mar 08
Accounting Policy Year : Mar '09
a) Basis of Accounting
 The accompanying financial statements are prepared in accordance with
 the Indian Generally Acceepted Principles (GAAP) under the historical
 cost convention and on the basis of a going concern, on accrual basis
 except insurance and other claims, interest on tax refunds or over due
 bills from customers and those with significant uncertainly unless
 otherwise stated. GAAP comprises mandatory accounting standards and the
 provisions of the Companies Act, 1956. These accounting policies have
 been consistently applied.
 The company follows the mercantile system of accounting and recognises
 items of income and expenditure on accrual basis. Since it is not
 possible to ascertain with reasonable certainty the quantum of accrual
 in respect of certain insurance and other claims, interest on tax
 refunds or over due bills from customers, same are accounted for as and
 when received and settled.
 b) Fixed Assets
 Fixed Assets are stated at historical cost less accumulated
 depreciation (other than Freehold Land where no depreciation is
 charged). The cost of an asset comprises its purchase price and
 directly attributable to cost of bringing the asset to working
 condition for its intended use.
 c) Depreciation
 Depreciation on fixed assets has been provided on Straight Line Method
 at the rates and in the manner prescribed in Schedule XIV of the
 Companies Act, 1956.
 d) Revenue Recognition
 Sales represents invoice value of products net of VAT.
 e) Inventories is valued and Certified by the management as follows :
 i) Finished goods are valued at lower of cost or market value whichever
 is less.  
 ii) Raw Materials, Stock in Process and Consumables are valued at cost.
 f) Contingent Liabilities
 Contingent Liabilities not provided for are disclosed by way of Notes.
 g) Vat & Service Tax
 Vat and Service Tax payable and Service Tax modvat accounted on the
 basis of returns submitted. Additional liability if any on assessment /
 audit objections shall be provided / paid as and when the assessment is
Source :
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