DEAR SIR/MADAM,
PLEASE ADVISE ME ON FOLLOWING :
PROJECT GIVEN BY GOVERNMENT,IT IS COMPLTED AND MONEY RECEIVED AGAINST THE SAME ,
THEN IT WILL COME UNDER WHICH HEAD IN IN BALANCESHEET/PROFIT AND LOSS ACCOUNT.
REGARDS/JYOTSNA
jyotsna (accountant) (24 Points)
25 May 2013DEAR SIR/MADAM,
PLEASE ADVISE ME ON FOLLOWING :
PROJECT GIVEN BY GOVERNMENT,IT IS COMPLTED AND MONEY RECEIVED AGAINST THE SAME ,
THEN IT WILL COME UNDER WHICH HEAD IN IN BALANCESHEET/PROFIT AND LOSS ACCOUNT.
REGARDS/JYOTSNA
veeru sagar
(BBE,M.com,CA Final )
(468 Points)
Replied 27 May 2013
Miss JYOTSNA
As you have describe the your problem than it shall be shown in the P&L or if it is NGO then in the Income & Expenditure and all the expenses related with the project charge in the I & E Account but all expenses must be in the nature of revenue exp.