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Capital Advance

AS 344 views 3 replies
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Mumbai
143 Points Posted on 27 January 2022

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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On 27 January 2022 at 16:15 Report
Replies (3)
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Profession Business
28196 Points Posted on 28 January 2022
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.
44 Reply
On 28 January 2022 at 08:53
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Chief Accountant
3150 Points Posted on 28 January 2022
Advance given to be adjusted against bill raised.
9 Reply
On 28 January 2022 at 10:45
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Profession Business
28196 Points Posted on 28 January 2022
Whatever I hv told is in conformity with accounting standards.
44 Reply
On 28 January 2022 at 22:57


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