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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 July 2010 Income may be recognized as per Accounting standard - 7.

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