Accounting of income/expenses in case builder/developer

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This query is : Resolved

CA Sanjay Baheti (Querist)
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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.