Hi Respected Members,
Please educate me on following:
We purchased a bidding documents from client thru pay order to bid for a project. How we will record it ? And what will be nature of this account ?
Thanks in Advance.
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AA-5-Bidding Documents Payment Entry
Replies (2)
Quick Summary
To record the purchase of bidding documents from the client
Debit : Bidding Document Expense account
Credit : Cash/Bank account.
The nature of this account would be an expense account since it represents a cost incurred to obtain the bidding documents.
I have made expense of bidding as of today, now i have to close my books of accounts but I dont want to book that expense today so that after acquisition in next financial year i can reliase at that time. Now the question is that can i do this, if yes then what accounting entry/practice shall I follow? Facts: cost for accquiring an investment or bidding has been made, but the investment will be made later.
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