1.1 SIGNIFICANT ACCOUNTING POLICIES
i. BASIS FOR PREPARATION OF FINANCIAL STATEMENTS.
The financial statements have been prepared under the historical cost convention, in accordance with Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 2013, as adopted consistently by the company. All income and expenditure having a material bearing on the financial statements are recognized on accrual basis.
ii. REVENUE RECOGNITION.
The Company follows the mercantile system of accounting and recognizes income and expenditure on accrual basis except in case of significant uncertainties.
iii. FIXED ASSETS AND DEPRECIATION.
There is no Fixed Assets during the year.
1.2 NOTES FORMING PART OF ACCOUNTS
i. Balance of cash on hand at the end is accepted as certified by the management of the company.
ii. The figures of the previous year are taken as it is from the report of the previous auditor.
iii. Balance of Sundry Debtors, Creditors, Loans & advances are subject to confirmation of the parties taken by Management.
iv. There are no any transactions entered into between related parties.
|