Costruction Accounts
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?
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
(Expert)
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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