Notes to account.doc
- 1. Logicseed Technology Private Limited Annexure: Significant Accounting Policies and Notes to account for the year ended 31 Ashad 2069 1. Organization and Basis of Presentation Logicseed Technology Pvt. Ltd. or the "Company" was incorporated under the laws of Nepal, its 100 % primarily share is owned by Mr Tarka Raj Bhatta. It was formed to develop research, cost estimate of various project, provide consulting services and vocational training to different level in various organization, carry out survey, feasibility study an independently and located in 34-Shankhamu, Kathmandu , Nepal The financial statements are prepared in accordance with the historical cost convention, on accrual basis of accounting and in accordance with Nepal accounting Standards and presentation requirement of the Nepal Company Act 2063 2. Significant Accounting Policies A. Use of estimates The preparation of the Balance Sheet in conformity with the generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of balance sheet. Actual amount would differ from those estimates. Any differences from those estimates are recorded in the period in which they are identified. All paid up capital not invest in the company but held with shareholders for use in future B. Fixed Assets Fixed asset accounted on historical cost assumption including cost acquired for installation and erecting. C. Depreciation amortization Discharging of Depreciation was applicable to provide pro-rata to the period of use, on diminishing value method at the rate based on Income Tax Act 2058 D. Cash and Bank Balances Balance of cash and bank is as certified by the management E. Revenue recognition Sale of services excluding vat treated as revenue. 3. Previous Year Figures This is the first year, need not to classify