Tea Time Ltd. நிறுவனத்தின் கணக்கியல் கொள்கைகள்

2.01 ACCOUNTING CONCEPTS

The accounts of the company are prepared under the historical cost convention under accrual method of accounting unless stated otherwise hereinafter. Accounting policies not specifically referred to, are in consistance with generally accepted accounting principles.

2.02 FIXED ASSETS

(i) Fixed Assets are stated at cost less depreciation. The cost of fixed assets include installation and other incidental expenses.

(ii) Depreciation is provided on W.D.V. method at the rates prescribed in Schedule XIV of the Companies Act, 1956.

2.03 INVESTMENTS

These are recorded at cost inclusive of transfer expenses. When any investment is acquired without any cost (such as bonus) the same is valued at nil.

2.04 REVENUE RECOGNITION

Revenue from the Sale of goods are recognised on passing of title to the customers.

2.05 RETIREMENT BENEFITS

There are accounted for on cash basis except gratuity which has been provided based on year end liability.

3.03 Rights Attached to Equity Shares

- The company has only one class of shares i.e. Equity Shares having par value of Rs. 10/- per share. Each equity shareholder is entitled to one vote per share.

- Each Shareholder is eligible to receive dividend, if distributed and in the event of liquidation of the Company, a shareholder is entitled to receive remaining assets of the Company, after distribution of all preferential dues in proportion to the number of equity shares held by the shareholders.

1.1 ACCOUNTING CONCEPTS

The accounts of the company are prepared under the historical cost convention under accrual method of accounting unless stated otherwise hereinafter. Accounting policies not specifically referred to, are in consistance with generally accepted accounting principles.

1.2 FIXED ASSETS

(i) Fixed Assets are stated at cost less depreciation. The cost of fixed assets include installation and other incidental expenses.

(ii) Depreciation is provided on W.D.V. method at the rates prescribed in schedule XIV of the Companies Act, 1956.

1.3 INVESTMENTS

These are recorded at cost inclusive of transfer expenses. When any investment is acquired without any cost (such as bonus) the same is valued at nil.

1.4 REVENUE RECOGNITION

Revenue from the Sale of goods are recognised on passing of title to the customers.

1.5 RETIREMENT BENEFITS

There are accounted for on cash basis except gratuity which has been provided based on year end liability.

- The company has only one class of shares i.e. Equity Shares having par value of Rs. 10/- per share. Each equity shareholder is entitled to one vote per share.

- Each Shareholder is eligible to receive dividend, if distributed and in the event of liquidation of the Company, a shareholder is entitled to receive remaining assets of the Company, after distribution of all preferential dues in proportion to the number of equity shares held by the shareholders.

1.1 ACCOUNTING CONCEPTS

The accounts of the company are prepared under the historical cost convention under accrual method of accounting unless stated otherwise hereinafter. Accounting Policies not specifically referred to, are in consistance with generally accepted accounting principles.

1.2 FIXED ASSETS

(i) Fixed Assets are stated at cost less depreciation. The cost of fixed assets include installation and other incidental expenses.

(ii) Depreciation is provided on W.D.V. method at the rates prescribed in schedule XIV of the Companies Act, 1956.

1.3 INVESTMENTS

These are recorded at cost inclusive of transfer expenses. When any investment is acquired without any cost (such as bonus) the same is valued at nil.

1.4 REVENUE RECOGNITION

Revenue from the Sale of goods are recognised on passing of title to the customers. All other incomes are recognised on their accrual.

1.5 RETIREMENT BENEFITS

They are accounted for on cash basis except gratuity which has been provided based on year end liability.

1. ACCOUNTING CONCEPTS

The accounts of the company are prepared under the historical cost convention using accrual method of accounting unless stated otherwise hereinafter. Accounting policies not specifically referred to, are in consistence with generally accepted accounting principles.

2. FIXED ASSETS

(i) Fixed Assets are stated at cost less depreciation. The cost of fixed assets include installation and other incidental expenses.

(ii) Depreciation is provided on W.D.V. method at the rates prescribed in schedule XIV of the Companies Act, 1956.

3. INVESTMENTS

These are recorded at cost inclusive of transfer expenses. When any investment is acquired without any cost (such as bonus) the same is valued at nil.

4. INVENTORIES

Closing stock is valued on FIFO method at lower of cost or net realisable value.

5. FOREIGN CURRENCY TRANSACTION

a) Transactions denominated in Foreign currencies are normally recorded at exchange rates prevailing at the time of the transactions.

b) Monetary items denominated in foreign currencies at the year end are translated at year end rates.

c) Non monetary foreign currency items are carried at cost.

d) Any income or expenses on account of exchange differences either on settlement or on translation is recognised in the Profit & Loss Account.

6. REVENUE RECOGNITION

Revenue from the sale of goods are recognised on passing of title to the customers.

7. RETIREMENT BENEFITS

These are accounted for on cash basis except gratuity which has been provided based on year end liability.