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Moneycontrol.com India | Accounting Policy > Textiles - General > Accounting Policy followed by Kumar Wire Cloth Manufacturing Company - BSE: 513703, NSE: N.A
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Kumar Wire Cloth Manufacturing Company

BSE: 513703|ISIN: INE840A01011|SECTOR: Textiles - General
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Kumar Wire Cloth Manufacturing Company is not listed on NSE
Mar 10
Accounting Policy Year : Mar '14
A.  GENERAL:
 
 i) The Accounts have been prepared under the historical cost convention
 and on the basis of going concern.
 
 ii) Accounting policies not specifically referred to are consistent and
 in consonance with generally accepted accounting principles.
 
 iii) Expenses and income to the extent considered payable and
 receivable respectively are accounted for on accrual basis except
 liability in respect of excise duty on finished goods lying in factory
 premises and Export incentives on Export sales.
 
 B.  REVENUE RECOGNITION
 
 Sales is recognised at the time of despatch of goods & revenue is
 recognised at the time of bills raised.  Income from services is
 recognised on completion of services.
 
 C.  Fixed Assets :
 
 i) Fixed Assets are recorded at historical cost of acquisition or
 construction.
 
 ii) Cost of Plant & Machinery fabricated comprises of cost directly
 relatable to the specific Assets such as freight, interest salaries and
 installation charges for bringing the asset to its working condition
 for use.
 
 D.  Depreciation :
 
 Depreciation has been provided on Written Down Value Method at the
 rates specified in Schedule XIV of the Companies Act,1956. Depreciation
 on Land has not been provided.
 
 E.  Valuation of Inventories :
 
 i) Raw Materials are valued at cost.
 
 ii) Components, Stores, Spares, Consumables, etc. are valued at cost.
 
 iii) Finished Goods are valued at lower of cost or net realisable
 value.
 
 F.  Investments:
 
 Investments are valued at cost.
 
 G.  Taxes on Income :
 
 As per accounting standards 22, provision for deferred taxation is made
 using the liability method, at current rates of taxation, on all timing
 differences to the extent that it is probable that a liability or asset
 will crystallize, subject to criteria of prudence.
 
 H.  Retirement Benefits to Employees :
 
 At present company does not have any employees who are eligible for
 retirement benefits. Hence no provision is made in the accounts towards
 retirement benefits.
Source : Dion Global Solutions Limited
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