contract costing
Total contact price =10 lakh
Total estimated cost of contact= 12 lakh
So estimated loss =2 lakh
But actual loss is =1 lakh
So as per conservatism provision should be made for further loss expected is 1 lakh .
so in which account should we show the provision entry for
further loss expected is 1 lakh
please tell me journal entries in above situations???
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journal entry required
Replies (2)
What is Your Provision entry at the time of finalized in your books of accounts???
Profit and loss A/c
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