Works contracts receipts
This query is : Resolved
siva krishna
(Querist)
05 June 2011
Dear Experts,
Our firm executes works contracts of various government organizations. Now my doubt is can we show the Receipts from them as Mobilization advances granted before actual commencement of work if it so what is the treatment for that.
Thanks in advance
Our firm executes works contracts of various government organizations. Now my doubt is can we show the Receipts from them as Mobilization advances granted before actual commencement of work if it so what is the treatment for that.
Thanks in advance
05 June 2011
This is works contract means material & labour both are involved in the transaction and ss per AS 9 or AS 7 there is no scope of booking of revenue as mentioned in your case so treat this as a advance
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