i) Basis of accounting:
Generally mercantile system of accounting is followed except as stated
in (V) below.
a) Investments being long term in nature are valued at cost of
acquisition and related expenses such as brokerage and stamp duties.
b) Temporary diminution in value of investment are not provided for
iii) Revenue recognition:
a) Interest income is recognized on a time proportion basis depending
upon amount outstanding and the rate applicable.
b) Dividend Income is treated on receipt basis.
c) Service income is recognized on completion of service rendered.