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What is retention Money

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(Querist)
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
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
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.
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