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Materials for contract
Dear Sir,
Vatable Material Purchased for contruction of bus stop, bhavan etc. by Local authority, Can we show material remains at the end of year as Current asset or included in profit and loss account. As materials are consumed in project construction.
Replies (1)
show it as current assets... if material is consumed in another project then well and good, otherwise scrap sale of such material can be shown as income in profit and loss account.
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