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Retention money treatment in financial accounts

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(Querist)
15 May 2014 What is the treatment of Retention money in contract sales and if retention money is deducted from sales amount then how it can be treated in balance sheet.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
16 May 2014 it is to be reflected as receivable (normally as current receivable).
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Rupesh Jain

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Rupesh Jain (Expert)
24 May 2014 you can make separate a/c as receivable or as security deposit with contracte.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 May 2014 i would not suggest security deposit as retention money is not in form of a deposit.
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