Contractual accounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 January 2012
A Contract is follows.
Progress invoice will be raised on monthly basis as per achived/work completed bill of quantity.
Payment terms -
1) 70% against monthly progress invoice
2) 10% After completetion of Project.(retention)
3) 10% After one year of completion of Project (rentetion)
4) 10% After Two year of completion of project.(Retention)
How to Book (journal entry) the monthly progress invoice in books of main contractor as well as sub contractor
Amount to be shown in monthly profit & loss Account and balnce sheet
Progress invoice will be raised on monthly basis as per achived/work completed bill of quantity.
Payment terms -
1) 70% against monthly progress invoice
2) 10% After completetion of Project.(retention)
3) 10% After one year of completion of Project (rentetion)
4) 10% After Two year of completion of project.(Retention)
How to Book (journal entry) the monthly progress invoice in books of main contractor as well as sub contractor
Amount to be shown in monthly profit & loss Account and balnce sheet
09 January 2012
Its called mile stone billing or percentage of completion billing. actual invoice value as and when raised need to be shown as sales. for profit & loss a/c and balance sheet need to be followed Accounting standard 7 calcualtion
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Relief u/s Section 89
- Nomination of Bank for refund in itr 2
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- STCG on ETF gold & silver
- E way bill for tractors
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
