Recognition of revenue
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 April 2013
hello everyone..
I have a query regarding recognition of revenue when completed contract method is followed in construction contracts..
Till the date of completion of the buildindg all the expenses were transferred to WIP a/c and was shown as Capital WIP and nothing was recognised in PL a/c.
Now when the flats are ready for sale after completion how the income would be recognised in PL a/c????
plz give ur suggestions..
thnx
I have a query regarding recognition of revenue when completed contract method is followed in construction contracts..
Till the date of completion of the buildindg all the expenses were transferred to WIP a/c and was shown as Capital WIP and nothing was recognised in PL a/c.
Now when the flats are ready for sale after completion how the income would be recognised in PL a/c????
plz give ur suggestions..
thnx
03 April 2013
Income will recogined according to the as-9
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