Notes forming part of Balance Sheet and Statement of Profit and Loss. Note No.l A.1. Significant Accounting policies Basis of Preparation of financial statement The Financial statements of Welplace Portfolio & Financial Consultancy Services Limited have been brpared and brsented in accordance with Generally Accepted Accounting Principles (GAAP) on the historical cost convention on the accrual basis. GAAP comprises accounting standards notified by Central Government of India under the relevant provision of Companies Act, 2013. 2. Use of Estimates: The brparation of financial statements is in conformity with Generally Accepted Accounting Principles (GAAP) in India requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of the financial statements and reported amounts of income and expenses during the period. 3. Investments: Long term investments are stated at cost. Provision for diminution in the value of the long term investments is made only if such a decline is other than temporary in the opinion of the management. 4. Valuation of inventories: Stock in trade (traded) is valued at cost (FIFO) or net realizable value whichever is lower. However unquoted securities held as stock in trade has been valued at cost. 5. Fixed Assets & Debrciation: Fixed Assets are stated at cost less Debrciation. Debrciation on Fixed Assets is provided to the extent of debrciable amount on the Written Down Value (WDV) Method. Debrciation is provided based on useful life of the assets as brscribed in Schedule II to the Companies Act, 2013. Debrciation on additions/ deletions is calculated on pro-rata with respect to date of addition/ deletions. 6. Revenue Recognition: A. Dividend income is recognized when the unconditional right to receive the income is established. B. Income from services rendered is accounted for when the work is performed. Services income is exclusive of Service Tax. 7. Taxation: Current Tax is measured at the amount expected to be paid to/ recovered from the tax authorities, using the applicable tax rate. Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax assets is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future. 8. Earning Per Share: The Basic Earnings Per Share ("EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year. 9. Provisions. Contingent liabilities and Contingent Assets: Contingent liabilities if any, are disclosed by way of notes to the Balance sheet. Provision is made in the accounts in respect of those contingencies, which are likely to materialize in to liabilities after the year-end, till the finalization of the accounts, and have material effect on the position stated in the Balance Sheet. Contingent Assets are not recognized in the Financial statement. As per our attached Report of even date For Koshal & Associates Chartered Accountants Firm Number:121233W Sd/- (Koshal Maheshwari) Proprietor Membership No. 043746 For Welplace Portfolio & Financial Consultancy Services Ltd. Sd/- Director Sd/- Director Place : Mumbai Date : 30Th May, 2015 |
