Journal Entry
Querist : Anonymous
A interviewer ask me that tell me the journal entry of AMC while I cant understand the means of AMC
Guest
AMC stands for Annual Maintenance Contract.
It is a contract where any type of Maintenance work is allotted to any Contractor for a pre determined amount, irrespective of the amount of work actually carried by the contractor.
Normally the contract is for 1 year.
Journal Entry would be same as if any Expense is incurred.
In case the duration exceeds 1 year, the proportionate amount would be debited in current year & balance would be carried forward in next year(s) as the case may be.
Guest
Amit ji, Agreed completely. Thanks.
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