how to accounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 May 2011
Dear all,
done a contrect Rs. 6,90,000/- for termite control in current year and we paid 80% of current year.rest 20% paid in next two year.(as a security)
Now how much amount book in current year eatiher 80% or 100%.
Thanks
Vishnu Aggarwal
done a contrect Rs. 6,90,000/- for termite control in current year and we paid 80% of current year.rest 20% paid in next two year.(as a security)
Now how much amount book in current year eatiher 80% or 100%.
Thanks
Vishnu Aggarwal
CMA Ramesh Krishnan
(Expert)
22 May 2011
Liability need to book 100% current year which you already done the work
07 June 2011
AS 7 is for income and if your case is for expense follow accrual system book 100% which has been accrued and payment is a matter of procedure and convenience so ignore this
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