Construction bill entry
This query is : Resolved
16 June 2019
Appreciate, if you could guide me how to make entry of following work construction bill received from the contractor in U.A.E.
Agreement Amount = Dhs. 1,000,000.00
Advance Received - Dhs. 150,000.00
Work Period : 4 months
Work Done upto = 173,280.00
Less : 15% Advance = 25,992.00
Less : 15% Retention = 8,664.00
Net Amount for this Bill = 138,624.00
Vat @ 5%
5% vat for advance 150,000 = 7500.00
5% Vat for bill No.1 of 138,624.00 = 6,931.00
Agreement Amount = Dhs. 1,000,000.00
Advance Received - Dhs. 150,000.00
Work Period : 4 months
Work Done upto = 173,280.00
Less : 15% Advance = 25,992.00
Less : 15% Retention = 8,664.00
Net Amount for this Bill = 138,624.00
Vat @ 5%
5% vat for advance 150,000 = 7500.00
5% Vat for bill No.1 of 138,624.00 = 6,931.00
16 June 2019
Work in progress(capital) dr 173280
Advance(15%) cr 25992
Retention money(5%) cr 8664
Bank account cr 138624
Propose VAT entry based on VAT laws of the country.
Advance(15%) cr 25992
Retention money(5%) cr 8664
Bank account cr 138624
Propose VAT entry based on VAT laws of the country.
16 June 2019
thank you so much for your quick reply. how about showing the entry of vat ? here it has been charged vat @5%. whether i need to pass another entry for showing vat ?whether i need to take into a/c the vat for the advance paid ?
17 June 2019
I need to know laws of the land to suggest the entry.
1 Whether ITC can be taken on this construction.
2 Whether VAT payable on advance received.
1 Whether ITC can be taken on this construction.
2 Whether VAT payable on advance received.
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