AMC INCOME
This query is : Open
01 May 2011
sir my company is an engineering company. we have amc incomes.
suppose we enter into an amc contract with our client for Rs 10,000 payable in two instalments (6 months) then how will the income be recorded?
plz reply ASAP
suppose we enter into an amc contract with our client for Rs 10,000 payable in two instalments (6 months) then how will the income be recorded?
plz reply ASAP
CA SAURABH GARG
(Expert)
02 May 2011
Book Rs. 5000/- as and when accrued.
Book in every 6 month as per agreement.
Book in every 6 month as per agreement.
02 May 2011
i have a better idea...
1/4/2011 SUNDRY DEBTORS A/C DR. 5000
TO DEFERRED AMC INCOME 5000
1/4/2011 DEFERRED AMC INCOME A/C DR. 1000
TO AMC INCOME 1000
THIS ENTRY WILL BE MADE IN EACH MONTH TILL RS. 5000 IS FINISHED FROM DEFERRED INCOME A/C
NOW AFTER 6 MONTHS AGAIN WE WILL PASS THE ENTRY
SUNDRY DEBTORS A/C DR. 5000
TO DEFERRED INCOME 5000
NOW EACH MONTH WE WILL AGAIN BE PASSING THE BELOW ENTRY TILL THE AMT IN DEFERRED INCOME IS FINISHED:
DEFERRED AMC INCOME A/C DR. 1000
TO AMC INCOME 1000
1/4/2011 SUNDRY DEBTORS A/C DR. 5000
TO DEFERRED AMC INCOME 5000
1/4/2011 DEFERRED AMC INCOME A/C DR. 1000
TO AMC INCOME 1000
THIS ENTRY WILL BE MADE IN EACH MONTH TILL RS. 5000 IS FINISHED FROM DEFERRED INCOME A/C
NOW AFTER 6 MONTHS AGAIN WE WILL PASS THE ENTRY
SUNDRY DEBTORS A/C DR. 5000
TO DEFERRED INCOME 5000
NOW EACH MONTH WE WILL AGAIN BE PASSING THE BELOW ENTRY TILL THE AMT IN DEFERRED INCOME IS FINISHED:
DEFERRED AMC INCOME A/C DR. 1000
TO AMC INCOME 1000
03 May 2011
Better way would be to debit the Company for the full amount crediting the AMC Income Account. If it crosses over to next year the proportionate amount can be credited to Advance Income account.
When cheque for Rs.5000/ is recd Bank account is debited crediting parties account
(Both times)
When cheque for Rs.5000/ is recd Bank account is debited crediting parties account
(Both times)
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