Accounting for residential construction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2012
Hi,
can anybody explain how to account for expense and revenue for construction of residential flat. Does the accounting is similiar as per AS 7 construction contract?
can anybody explain how to account for expense and revenue for construction of residential flat. Does the accounting is similiar as per AS 7 construction contract?
06 August 2012
Yes. Very much similar. You need to decide which method to employ.
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