Ra bills entry
Querist : Anonymous
1.can u please tell me the entry for R.A.BILL in books of a/c.?
2.and tds applicability on that
thanks in adv
When you raise the RA bill then you debit the contractee and credit 1st or 2nd or 3rd RA bill and when you receive the payment you debit bank and credit the contractee. The balance standing to the RA bill will represent income and at the end of the year you have to transfer the RA bill amount to contract account on the percentage of work completed basis or if general accounting is followed then the entire amount of RA bill is to be booked as gross receipt and value the closing stock.
Querist : Anonymous
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