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
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.
Contract works Dr
To current liabilities retention money Cr.
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