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for Contractor Accounting

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(Querist)
17 February 2010 What point should be considers while doing accounting of contractor
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
18 February 2010
As per my understadding,Your query is regarding contract accounting

Construction company need to follow Accounting standard 7 for Revenue recognition and based on that Percentage of completion method need to compute the stage of completion and apply the percentage on the contract price

you need to maintain separate Billing and other details. But P&L & B/S as per Schdule IV Only
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