accounting treatment

V.D.KRISHNA PRASAD (STUDENT) (183 Points)

18 March 2010  

I have the following queries in the Accounting entries

Engaged in providing Architect services (rendering of professional sevices which involve man power only)

There is a an invoice/bill which worth Rs.10(lac) the terms of the contract are half of the payment will be issued during the year  and rest of the payment will be issued on approval of the Govt  in the later years , there arises a question of  booking the entire invoice during the current year or only part of the bill should be booked .

whether invoice should be raised for the whole value of contract or part of the contract

how the following invoice should be accounted