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Accounting for a long time project

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(Querist)
06 January 2015 Sir I am working in a builders co There is a project whose completion time is 6 year.I have to prepare PL for first year. Guide me
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Rahul Kumar Chowdhary

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Rahul Kumar Chowdhary (Expert)
06 January 2015 It depends on the contract and you can apply percentage of completion method and check the AS-7 and guidance note for the same on the icai website.
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