AR 2009-10 - Centre for Studies in Social Sciences, Calcutta

CENTRE FOR STUDIES IN SOCIAL SCIENCES, CALCUTTAR-1, Baishnabghata Patuli Township, Kolkata - 700 094CENTRE FOR STUDIES IN SOCIAL SCIENCES, CALCUTTAR-1, Baishnabghata Patuli Township, Kolkata - 700 094SCHEDULE 24 - SIGNIFICANT ACCOUNTING POLICIES1. Accounting Convention:1.1 The financial statement are prepared on the basis of historicalcost convention, unless otherwise stated and on the accrualmethod of accounting.2. Inventory Valuation:2.1 Publication are valued at cost.3. Fixed Assets:3.1 Fixed assets are stated at cost of acquisition inclusive of inwardfreight, duties and taxes and incidental and direct expenses relatedto acquisition.4. Depreciation:4.1 Depreciation is provided on the straight line method as per ratesspecified in the Income Tax Act, 1961, following central Govt.norms.5. Grant:5.1 The Centre received grant from Central Government as well asState Government which has been utilised for revenue and capitalexpenditure.SCHEDULE 25 - CONTINGENT LIABILITIES AND NOTES ON ACCOUNTS1. Contingent Liabilities:Claims against the entity not acknowledge as debts. Rs. Nil (PreviousYear Rs. Nil).2. Current Assets, Loans and Advances:In the opinion of the management, the current assets, loans andadvances have a value on realization in the ordinary courses ofbusiness, equal at least to the aggregate amount shown in the BalanceSheet.3. Taxation:In view of there being no taxable income under Income Tax Act, 1961,no provision for income tax has been considered necessary.4. Corresponding figures for the previous year have been regrouped /rearranged, wherever necessary.5. Schedules 1 to 23 are annexed to and from an integral part of theBalance Sheet as at 31.03.2010 and the Income and ExpenditureAccounts for the year ended on that date.6. Depreciation on Fixed Assets has been provided following straightline method at the rate prescribed by the Income Tax Act, 1961excepting “Periodicals” which is fully depreciated.7. In earlier years interest earned and accrued interest on investmentout of Provident Fund Trust Account were shown in Centres’ Account.During this year (2009-10), the interest earned as well as accruedinterest on investment arisen out of investment made from theaccumulated Provident Fund have been reflected and shown in CPFAccount.Sd/-(Surajit C. Mukhopadhyay)REGISTRARSd/-(Arabinda Bose)ACCOUNTANTSd/-(Surajit C. Mukhopadhyay)REGISTRARSd/-(Arabinda Bose)ACCOUNTANT