construction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 July 2010
Hi
Repested Member
Can any one tell me?
I am filing return of construction business of a party in my office.
In profit and loss account they disclosed 1 crore exp. in constrution site during the previous year.
And none income is recognised and such 1 crore exp. is net loss.
So what to do for recognised income, because according to matching concept this is not right and what method to apply for recognised income.
And construction is still continue.
And deposit received against 10 flats is shown as current liabilites.
And also capital a/c showing negative balance i.e. repayment of capital by bank account.
Thanks in
advance sir/madam
Repested Member
Can any one tell me?
I am filing return of construction business of a party in my office.
In profit and loss account they disclosed 1 crore exp. in constrution site during the previous year.
And none income is recognised and such 1 crore exp. is net loss.
So what to do for recognised income, because according to matching concept this is not right and what method to apply for recognised income.
And construction is still continue.
And deposit received against 10 flats is shown as current liabilites.
And also capital a/c showing negative balance i.e. repayment of capital by bank account.
Thanks in
advance sir/madam
29 July 2010
Income may be recognized as per Accounting standard - 7.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- Management System (IMS)
- DIN reactivation
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- GST rate and HSN code for sale of racing horses
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Eway bill generation from place other than registeted
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
