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GENERAL CONTRACTOR ACCOUNTING

This query is : Resolved

jitendra (Querist)
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28 July 2010 DEAR SIR\MAM,
PLS.GIVE ME IMP.NOTES REGARDING CONTRACTORS ACCOUNTING .ALSO GIVE JOURNAL ENTRIES REGARDING TENDERS & OTHER ACTIVITIES OF CONTRACTORS.

JITENDRA JAIN.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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01 August 2010 The reply can be given in a very general form.

Contractor's account are maintained on the same way as we maintain in other business firm.

The main feature of its accounting is unique as :

At the end of the year; the valuation of work completed and certified by architect is made and accordingly income is treated for the year/period ending.

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