sub contractor accounting
Querist : Anonymous
give the accounting treatment separatly.
a)Services rendered to Main contractor by sub contractor
b)Services provided by Main contractor to sub contractor
c) The normal account balance of sub contractor with main contractor debit or credit?
Service rendered by sub contractor
Dr: Expenses a/c
Cr: Sub contractor a/c (subject to deductions)
Service provided by main contractor
Dr: Subcontractor a/c
Cr: Revenue a/c or other income a/c
in the books of Sub contractor
Service rendered by main contractor
Dr: Expenses a/c
Cr: Main contractor a/c (subject to deductions)
Service provided by sub contracor contractor
Dr: Main contractor a/c
Cr: Revenue a/c or other income a/c
Balance based on the transaction values may DR or CR
Querist : Anonymous
Can U give your mail ID for any further clarification.
Bye,
Prakash
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