Costruction Accounts

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2010 Hi
Respected Memeber

Can Any one tell me that my freind got the one of client who is engaged in construction of commercial and residential complex.

So how they make entry i.e on the basis on AS-7 or Contract costing as chapter in costing. OR any other mode?

and whether disclosed as receipt or sales in direct income?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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26 June 2010 You need to maintain the nor mal books of accounts and you can prepare Contract account and costing the project you can use contract costing, AS-7 only revenue recognisation method, under AS-7 need to maintain the separate details for each project

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