Accounting of income/expenses in case builder/developer
This query is : Resolved
CA Sanjay Baheti
(Querist)
23 August 2012
My client being a Patnership Firm engaged in Construction Activities as Builder/Developer.Now during the year 2011-12 His total Works Completion is near about 35% of the total Project Cost Say Rs.3 crores.Moreover Member's Contribution's towards such Construction received till 2011-12 near About Rs.1.50 crores.
Now query is how to account for Income & expenses in books of Account so far revised guidelines for Contractor's is concerned i.e. % of Completion Method.
What shall be the basis for accounting the same in Books.
Please reply soonest with Accounting Entry to account for the same in Books.
Now query is how to account for Income & expenses in books of Account so far revised guidelines for Contractor's is concerned i.e. % of Completion Method.
What shall be the basis for accounting the same in Books.
Please reply soonest with Accounting Entry to account for the same in Books.
Amol S Joglekar
(Expert)
23 August 2012
Value the closing WIP as per % completion method.... 35% in your case.
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