What is retention Money
This query is : Resolved
07 July 2023
what is retention money and what will be the journal entry in the books of service receiver .
Retention money is 5% of total cost of project.
How to make journal entry of retention money held
Retention money is 5% of total cost of project.
How to make journal entry of retention money held
07 July 2023
The amount of 5% retained in each bill till the successful completion of the works. The retention money will be released after successful completion of the works.
Contract works Dr
To current liabilities retention money Cr.
Contract works Dr
To current liabilities retention money Cr.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Gift of mutual fund units to daughter
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- Which ITR To be filed by dentist
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
