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Moneycontrol.com India | Accounting Policy > Machine Tools > Accounting Policy followed by Tulive Developers - BSE: 505285, NSE: N.A
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Tulive Developers

BSE: 505285|ISIN: INE637D01015|SECTOR: Machine Tools
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Tulive Developers is not listed on NSE
Mar 16
Accounting Policy Year : Mar '18

A SIGNIFICANT ACCOUNTING POUCIES:

1. BASIS OF PREPARATION OF FINANCIAL STATEM ENTS:

The Financial Statements have been prepared to comply with in all material aspects, the Generally Accepted Accounting Principles ( GAAP) under the historical cost convention, on an accrual basis and in line with the Accounting Standards as prescribed under Section 133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts) Rules 2014, the provisions of the Companies Act 2013 to the extent notified and guidelines issued by Securities and Exchange Board of India ( SEBI ) .The disclosures and other requirements under MICRO SMALLMEDIUM ENTERPRISES DEV ELO PM ENT Act 2006 have been duly considered.

2. USE OF ESTIMATES:

The preparation of Financial Statements requires the Management to make estimates of Assets and Liabilities and disclosures relating to contingent liabilities as at the date of the Financial Statements and the reported amounts of income and expenses and required provision has been made during the year .

3. REVENUE RECOGNITION :

(i) Licence Fee for agricultural lands is accounted on accrual basis .

(ii) Income from Long term Investments viz in Partnership Firms .Share of Profit/Loss is accounted as per the provisional accounts of the Respective firms subject to audit.

(iii) Dividend income from Investments in Mutual Funds (Current Investments) are duly accounted for when the right to receive the dividend is established especially in the case of reinvestment of daily dividends .

4. EXPENDITURE:

Expenses are duly accounted for on accrual basis and provision is made for all losses and accepted liabilities

5. FIXED PROPERTY PLANT AND EQUIPM ENTS :

(a) FIXED ASSETS:

Property, plant and equipments etc are stated at carrying cost less accumulated depreciation carried. Cost of fixed assets includes all expenses incurred including agricultural development expenses to bring the assets to its location and for commencement of operational use.

(b) DEPRECIATION:

Depreciation on Property plant and Equipments other than free hold and agricultural Lands is charged under Written Down Value Method taking into consideration useful lives of respective assets in accordance with the requirements as per Schedule II (Section 123) of the Companies Act 2013 and in accordance with Notification No GSR 237 (E) dated 31.03.2014.

(c) IMPAIRMENT OF ASSETS:

Consideration is given at every Balance Sheet date to determine as to whether there is any impairment of the carrying cost of assets. Impairment Loss is recognized as an when required.

6. INVESTMENTS:

Non-Current Investments are stated at cost , Provision for diminution in Cost/value is made to recognise a permanent decline in value of long term investments and is determined separately in respect of each and every individual investment. Share of Profit / Loss from investments in Partnership firms are accounted as per the statements of Accounts received from respective firms.

7. INVENTORIES:

(a) Inventories are valued at lower of cost or net realizable value , cost being ascertained on the following basis:

(i)Stores, spares and materials on weighted average cost basis.

(ii)Work-in-progress - at cost including applicable overhead expenses .

(iii) Traded goods at lower of cost or net realisable value.

(iv)Other / Non-moving inventories are provided for to the extent of requirements and are disclosed at lower of net realizable value/cost.

8. RETIREM ENT BENEFITS TO EM PLOYEES:

Employee benefits in accordance with the relevant Statutory requirements viz., Provident Fund, Gratuity, leave encashment will be provided for and duly accounted as and when the Company becomes liable under the respective Enactment.

9. TAX ON INCOM E & DEFERED TAX :

Current tax is determined on the basis of taxable income for the financial year and deferred Liability tax is recognized for all timing differences of depreciation charged as per Companies Act and admissible under Income Tax Act.

10. CASH FLOW STATEM ENT:

Cash flow is reported using the indirect method whereby NET PROFIT after tax is adjusted for the effective transactions of a non-cash nature and any. deferrals or accruals of present or future operating cash, receipts, or payments. The cash flow from regular revenue generating , investment and financing activities of the Company are segregated.

11. EARINGS PER SHARE:

In determining earnings per share, the Company considers the Net Profit after Tax and includes the post tax effect on extra ordinary items if any The number of shares used in computing basic and diluted equity shares is the weighted average number of shares outstanding during the year/period and proportionate profit .

12. PROVISIONS AND CONTINGENT LIABILITIES :

The Company creates required provision when there is a present obligation as a result of transactions that require outflow of finance and reliable of reasonable estimates are made of the amount/ transactions A disclosure for contingent Liability is made when there is a possible obligation or a present obligation that may but probably will NOT require an outflow of Finance.

Source : Dion Global Solutions Limited
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