Construction firm accounting
This query is : Resolved
DEEPAK NIGAM
(Querist)
19 December 2013
If a construction firm get total work order of Rs 50 lakh but work completed at the end of fy is of Rs 42 Lakh then what would be receipt for said financial year Rs 50 lakh or Rs 42 Lakh
Nikhil Kaushik
(Expert)
19 December 2013
Dear Deepak,
The appropriate way of booking sales for the said financial year is to look on cost side.
Formula should be Rs 50 lakhs * cost incurred till date/Initial cost estimated for the project.
The appropriate way of booking sales for the said financial year is to look on cost side.
Formula should be Rs 50 lakhs * cost incurred till date/Initial cost estimated for the project.
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
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Royalty payments to the Mining Department for procurement of murum - GST input
- Intimation under section 245
- Import Order Cancelled.
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
