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For construction business


shivani (student)     28 July 2020

shivani
student 
 1 likes  129 points

| My Other Post

what's the point to be considered during accounting of construction business (Partnership firm)??

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yasaswi gomes   28 July 2020

yasaswi gomes

 77 likes  1419 points

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As of now, there is no separate standard for construction contracts because IndAS 115 prescribes the accounting treatment for construction sector as well. Since your company is partnership, just recognise revenue as per AS and the rest is partnership accounting, 

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sabyasachi mukherjee   11 August 2020

sabyasachi mukherjee

 140 likes  3843 points

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Earlier it was construction contract AS 7


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