Accounting for constuction contract
This query is : Resolved
09 July 2013
mr.A is contractor. he made an agreement with B housing society , that he will use societies land for redevelopment. he will give 20 flats to society and will sold 10 flats by owen.
at end of the year the building is 60% completed.
plzz suggest how will he recognise revenue
and profit
at end of the year the building is 60% completed.
plzz suggest how will he recognise revenue
and profit
11 July 2013
You need to follow the percentage of completion method under AS-7
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