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Moneycontrol.com India | Accounting Policy > Power - Transmission & Equipment > Accounting Policy followed by Transpower Engineering - BSE: 517282, NSE: N.A
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Transpower Engineering

BSE: 517282|SECTOR: Power - Transmission & Equipment
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Transpower Engineering is not traded in the last 30 days
Transpower Engineering is not listed on NSE
Accounting Policy Year : Dec '99
(a) Basis of Accounting :
 
 The accounts have been prepared on the basis of historical costs and in
 accordance with applicable accounting standards except where otherwise
 stated.  For recognition of profit and losses mercantile system of
 accounting is followed except for non-provision of Bonus & provided
 fund for the period Aug. 99 to Dec. 99.
 
 (b) Fixed Assets :
 
 (i) Fixed assets are stated at cost less depreciation.  Cost comprises
 the purchase price and any attributable cost of bringing the assets to
 working conditions for its intended use.
 
 (ii) Expenditure for additions improvements and renewals are
 capitalised and expenditure for maintenance and repairs are charged to
 the Profit and Loss Account.  When assets are sold or discarded, their
 cost and accumulated depreciation is removed from the account and any
 gain or loss, resulting from their disposal is included in the Profit
 and Loss A/C.
 
 (c) Depreciation :
 
 Depreciation is provided using the straight line method at the rates in
 the manner specified in schedule XIV to the companies Act, 1956.
 Depreciation on additions during the year is provided on a pro-rata
 basis from the date of additions.
 
 (d) Inventories are valued at :
 
 (i) Raw materials and stores at cost.
 
 (ii) Work-in-Progress at cost of raw materials, plus absorption of
 manufacturing expenses.
 
 (iii) Finished Goods at contract price.
 
 (e) Revenue Recognition :
 
 (i) Sales are inclusive of excise duty and sales tax but net of
 insurance and freight charges where applicable.
 
 (ii) The expenses (other than interest) are net of recoveries/refunds
 where applicable.  Modvat claimed under excise rules are reduced from
 the cost of Raw Materials.
 
 (f) Investments :
 
 Investments are valued at cost of acquisition and no provision have
 been made against demunition in value which is at Rs. 28,50,500/-
 
 (g) Retirement Benefit :
 
 i) The Company's contribution to Provident Funds and Family Pension
 Fund is charged to the Profit and Loss Account excepts no provision has
 been made for contribution to Provident Fund or the period Aug. 99 to
 Dec. 99 and it shall be contributed as and when Salary and Wages are
 paid.
 
 ii) The Gratuity Liability is accounted as and when due for payments.
 
 (h) Marketing Expenditure :
 
 Expenditure incurred on marketing and market related activities is
 charged to the Profit and Loss Account of the year in which it is
 incurred.
 
 (I) Share Issue Expenses :
 
 Share issue expenses are written off over a period 10 years and
 accordingly 1/10 of the said expenditure is written off each year.
 
 (j) Contingent Liabilities :
 
 Contingent Liabilities not provided for and are disclosed by way of
 Notes.
Source : Dion Global Solutions Limited
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