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Moneycontrol.com India | Accounting Policy > Paper > Accounting Policy followed by Coral Newsprints - BSE: 530755, NSE: N.A
YOU ARE HERE > MONEYCONTROL > MARKETS > PAPER > ACCOUNTING POLICY - Coral Newsprints

Coral Newsprints

BSE: 530755|ISIN: INE715D01019|SECTOR: Paper
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Coral Newsprints is not traded in the last 30 days
Coral Newsprints is not listed on NSE
Mar 13
Accounting Policy Year : Mar '14
A. BASIS OF ACCOUNTING:
 
 The accounts of the company are prepared under the historical cost
 convention on accrual basis of accounting in accordance with the
 accounting principles generally accepted in India and in compliance
 with the provisions of Companies Act1956, and comply with the mandatory
 accounting standards specified in Companies (Accounting Standard) Rules
 2006, prescribed by the Central Government.
 
 B. FIXED ASSETS:
 
 Fixed assets are stated at cost less accumulated Depreciation. The cost
 of an asset comprises its purchase price and any directly attributable
 cost of bringing the assets to working condition for its intended use.
 
 C. DEPRECIATION
 
 Depreciation on fixed assets has been provided on straight line method
 at the rate specified in schedule XIV of the Companies Act, 1956 on
 monthly pro-rata basis.
 
 D. INVENTORY
 
 Inventories are valued at Cost or Net realisable value whichever is
 lower.
 
 E. RETIREMENT BENEFITS
 
 Provision is made for value of unutilised Leave due to employees at the
 end of the year and also for gratuity. The Company is paying
 contribution of Employee''s pension and Provident fund.
 
 F. SALES
 
 Sales are exclusive of Cess, CST, VAT & Entry Tax.
 
 G. TAXES ON INCOME
 
 Current tax is determined as the amount of tax payable in respect of
 estimated taxable income and in accordance with the provisions as per
 income tax Act,1961. Deferred Tax is recognised using the enacted tax
 rates and laws as on the Balance Sheet date, subject to the
 consideration of prudence in respect of deferred tax assets, on all
 timing, difference, between taxable income and accounting income that
 originate in one period and are capable of reversal in one or more
 subsequent periods.
Source : Dion Global Solutions Limited
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