Security deposit
This query is : Resolved
06 January 2014
Two parties entered into agreement for construction of the plant. In agreement it was laid a condition that in every RA bill some % will be deducted as Security deposit and this amount will be paid after completion of the plant and its maintenance for period say 5 yrs.The party not paid full amount as submitted as per RA bill and some amount is still showing as Receivable.
1. How we need to show the amount which is deducting like security deposit.Is it show as Security deposit or it should show as Sundry Receivable.
Please guide me on the above issue.
If need to show as Security deposit then is it require to reclassify the accounting entries passed till date.
1. How we need to show the amount which is deducting like security deposit.Is it show as Security deposit or it should show as Sundry Receivable.
Please guide me on the above issue.
If need to show as Security deposit then is it require to reclassify the accounting entries passed till date.
06 January 2014
The amount is to be shown as Retention money receivable and amounts receivable after one year are shown as non current assets.
Thanks!
Thanks!
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