How much should be recognised here,24 lacs or whole of 66 lacs?
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Accounts query-urgent
Replies (5)
I think it should be 66 lakhs itself as that amount is being fixed....and it cannot be denied by any mean...
yes, it should b 66 lacs, because there wont b any future benefit.. and there are no chances that u can get any benefit or way out not to pay these 66 lakhs... So in current year this should b booked as expense
Yeah, 66 lakhs bcoz it has become an onerous contract
It should be 24 lacs per year as the rent is paid every month. And the liability is spread over 3 FY
I am working in a company who is taking contactor of building construction. It’s a new company and we have received 2 or 3 contract till now. I want to know that which expenses head I should open for purchasing of material like 1. Nail, cement, Bled, nut, plywood, sand, iron sheet, PVC Hand Gloves, Plastic Shoes for Labour, Cable roll, PVC tape, rope, painting material example chuna, brush, etc. please help me for this I am new to construction company. Thanks
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