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Contractual accounting

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Querist : Anonymous

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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
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
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
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