Accounting entry in construction company
This query is : Resolved
11 August 2011
DEAR EXPERT,
OUR FIRM IN CONSTRUCTION INDUSTRY. WE AVAILED SERVICE OF ARCHITECTURE FOR A PROJECT AMOUNTING TO RS 500000/-. BUT THIS FEES IS FOR WHOLE PROJECT. THE PROJECT IS LIKELY TO BE COMPLETED IN THIRD YEAR.
ARCHITECTURE HAS ISSUED A BILL OF RS 500000/-.
SHOULD WE BOOK THE BILL OF RS 500000/- AND DEDUCT THE TDS ON WHOLE?
OR
PROPORTIONATE BILL AND PROPORTIONATE TDS HAS TOBE DEDUCTED
PLZ GUIDE
OUR FIRM IN CONSTRUCTION INDUSTRY. WE AVAILED SERVICE OF ARCHITECTURE FOR A PROJECT AMOUNTING TO RS 500000/-. BUT THIS FEES IS FOR WHOLE PROJECT. THE PROJECT IS LIKELY TO BE COMPLETED IN THIRD YEAR.
ARCHITECTURE HAS ISSUED A BILL OF RS 500000/-.
SHOULD WE BOOK THE BILL OF RS 500000/- AND DEDUCT THE TDS ON WHOLE?
OR
PROPORTIONATE BILL AND PROPORTIONATE TDS HAS TOBE DEDUCTED
PLZ GUIDE
CMA Ramesh Krishnan
(Expert)
11 August 2011
you need to book the architecture bill fully in current year and deduct the TDS.
Only your bill to customer need to be find out through percentage of completion method as per AS-7
Only your bill to customer need to be find out through percentage of completion method as per AS-7
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