I need assiatnce in the preparation of books of construction company.I am using Tally
The scenarios usually came are
(1) advance received from contractee and agreement made in a year but no work done
(2)Work is going on 50% compleated.40% of contract amount received
(3) work compleated and ful money received
construction contract accounting governs as per AS 7, so for better help read AS 7...
there are two methods of income bookings
% completion method
& total cost method
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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