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Accounting entry

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25 November 2010 A company enters into a contract which includes a clause that some part of material i.e RMC(Ready mix concrete) will be provided by the company to contractor but in case does not provide then contractor charges to that extent amount from the company. the qust. is wherther i should book this RMC part separtely or whole amount cumulatively which is total work done. PLZ show the entry
asap
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
25 November 2010 This is the based on the billing arrangement between you and contractor, if the bill has been submitted separatelty for RMC it can be booked as materials, if the contractor raise the bill as combined then the Works contract may apply, book as full contract work
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