Construction accounts

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rakesh (Querist)
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20 December 2011 Hi freinds,

recently i was appointed as manager in a construction company which build flats and villas. i am new to this industry. previously i worked in mfg industry. May i know pecularities in construction industry, ie. revenue recognition, WIP, etc.

Thanks in advance.

Hitender Gaur

Hitender Gaur (Expert)
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23 December 2011 R.A. Bills raised to the clients and certified by the Architect/Clients will be your revenue. Work in Progress (WIP) ia always calculated on the bases of purchases and expenses of particular project. We maintain the accounts project-wise for clarity.

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