Tender fees
This query is : Resolved
11 October 2012
If we receive tender fees in respect of construction of building on land then what should be the treatment of that tender fees ?
Whether it should be considered as capital receipts and deduct it from the cost of project or it should be treated as revenue receipts and credit into P&L a/c .. ?
Plz guide me.
Whether it should be considered as capital receipts and deduct it from the cost of project or it should be treated as revenue receipts and credit into P&L a/c .. ?
Plz guide me.
CA C.JANANI
(Expert)
11 October 2012
Tender receipts are repayable back to the bidders. They are only advances held and neither revenue or capital receipts. Hence pass the entry Bank A/c Dr To Tender deposits payable . Show the tender deposits under current liabilities or advances and deposits
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