for Contractor Accounting
This query is : Resolved
CA.P.SHEKHAR REDDY
(Querist)
17 February 2010
What point should be considers while doing accounting of contractor
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
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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