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0 | Accounting Policy | Year : Mar '12 | ||||
1.1 ACCOUNTING CONVENTION The Financial statements are prepared on going concern concept under historical cost convention on accrual basis and are in accordance with the applicable accounting standard issued by the Institute of Chartered Accounts of Indian notified under section 211 (3C) and the other relevant provisions of the Companies Act.1956. 1.2 FIXED ASSETS Fixed assets are stated at cost less accumulated depreciation. Cost comprises the purchase price or construction cost including any attributable cost of bringing the assets to its working condition for its use. 1.3 DEPRECIATION Depreciation is provided on straight line method as per schedule XIV of the companies Act 1956.on prorate basis. 1.4 STOCK IN TRADE 1. Share ,debentures, units & Securities are accounted under Stock in trade on trade dates. 2. The cost of stock in trade includes brokerage but does not include stamp duty which was charged to revenue. 1.5 VALUATION OF STOCK IN TRADE Stock has been valued at cost instead of cost or market value which ever is lower because the company is doing business of shares & securities as broker of Stock Exchange. 1.6 INVESTMENT The Investments are long term i.e. non-current investment and are valued at cost since the company is doing business of shares & securities in share market therefore no provision is being made for diminution in the investments. 1.7 INCOME (a) In respect of contracts relating to shares without taking or giving deliveries profit or Losses are accounted for on squaring updates. (b) Income from dealing in shares / Securities is recognized on the basis of matched contract of similar deliveries dates for purchase & sales entered during the year. (c) Dividend on investment in shares & Securities are accounted for on receipt basis. 1.8 EXPENSES All expenses are accounted on accrual basis. 1.9. CONTINGENTLIABILITY 2011-2012 2010-2011 To the extent known NIL NIL |
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| Source : Dion Global Solutions Limited | |||||
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