Accounting Entries for a Construction contract businss



What are the sale and purchase accounting journal entries for a construction contract business run under proprietorship entity ?
 
Reply   
 
teaching

please refer this file to assess how to recognize the ampunt of revenue as well as cost under construction contracts.

https://www.caclubindia.com/share_files/as-7-construction-contracts-77210.asp

entry for revenue is
contractee a/c. Dr.
to contract revenue
(for amount of revenue please refer above file)

on amount received from contractee
bank a/c. Dr.
to contractee. a/c.

on amount incurred for the contract
contract. expditire a/c. Dr.
to bank a/c

Total likes : 1 times

 
Reply   
 

LEAVE A REPLY

Your are not logged in . Please login to post replies

Click here to Login / Register  

 


×

  CCI MENU