Construction contract accounting

A/c entries 1134 views 2 replies

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

 

Replies (2)

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

Dear Hari,

 

Go For This Link

 

/articles/tax-accounting-for-constructions-contracts-14945.asp


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register