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Moneycontrol.com India | Accounting Policy > Pharmaceuticals > Accounting Policy followed by Veronica Lab - BSE: 524802, NSE: N.A
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Veronica Lab

BSE: 524802|ISIN: INE994A01016|SECTOR: Pharmaceuticals
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Veronica Lab is not traded in the last 30 days
Veronica Lab is not listed on NSE
Accounting Policy Year : Mar '03
a) Fixed Assets and Depreciation -
 
 Fixed assets are stated at cost less accumulated depreciation The
 Company capitalizes all costs relating to the acquisition and
 installation of fixed assets The depreciation is calculated on the
 written down value method, at the rates and in the manner specified
 under Schedule XIV to The Companies Act, 1956
 
 b) long Term Investment
 
 Long-term investment is stated at cost
 
 c) Inventories
 
 Inventories except stores and maintenance spares which are stated at
 cost are valuer at the lower of annual weighted average cost and net
 realizable value Cost of finished goods could work in process includes
 cost of material, direct labour and an appropriation portion of
 overheads
 
 d) Sundry Debtors
 
 Sundry debtors are shown after making adequate provision for doubtful
 debts
 
 e) Sales
 
 The Company recognizes sales of goods on dispatch of customers Sales
 are net of trade discounts and inclusive of excise duty where
 applicable Sales tax collected is not included in sales
 
 f) Retirement Benefits
 
 Contribution to provident fund are made at a pre-determined rate and
 charged to Profit & Loss Account Contribution for gratuity and super
 annuation fund shall be made on the basis of amounts determined by the
 Life Insurance Corporation of India and shall be charged to the Profit
 & Loss Account
 
 g) Research & Development
 
 Capital expenditure on R & D is treated in the same way as expenditure
 on fixed assets Revenue expenditure is charged to revenue under the
 respective heads of expenses
 
 h) Income Tax -
 
 Provision for income tax is made on the basis of estimated taxable
 income
 
 For and on behalf of the Board
 
 B.D.Shah
 F. T. Moiyadi
 U. N. Deosthale
 
 
 
 
Source : Dion Global Solutions Limited
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