Construction accounts
Querist : Anonymous
Querist : Anonymous
there are two methods of passing journal entries in the construction business.
1. percentage of completion method
2. completed contract method.
the journal entries for percentage contract method.
wip.
contract cost a/c dr
to contract exp a/c
2.when company bills the customer
accounts receivable a/c dr
to progress billing a/c
3.when cash rec from customer
cash/bank a/c dr
to account receivable a/c
4.completion of project
progress billing a/c dr
to construction revenue a/c.
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