Our contractor is constructing a RCC road . As per contract he can submit RA (Running accounts bills ) . These RA bills are booked as capital work in progress. During March contractor has completed some part of work but not submitted the RA bills as measurement was pending . Whether liability under capital work in progress is required in march accounts . Keeping in view the fact that such liability will increase both assets and liability .

Hi,

Kindly send me the journal entry(in the books of contractor) for works contract bill issued by contractor.
details are below:

GROSS AMOUNT-11027433
IT-126888
VAT-507550
KCWWF-126888
RETENTION-900000
TOTAL INVOICE VALUE-12688759


jibinpl95@gmail.com

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