Our Company has given capital advance to MR X for the construction of Building on 28.01.2021 and Now the MR X has submitted the bills for 1.65 Crores.
What is the Accounting treatment and Ind As entries.
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Capital Advance
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Quick Summary
Let's discuss the basics.
1. It's a construction contract.
2. advance given to be adjusted against a proportion of cash received and work certified.
1. It's a construction contract.
2. advance given to be adjusted against a proportion of cash received and work certified.
Advance given to be adjusted against bill raised.
Whatever I hv told is in conformity with accounting standards.
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