We have a NGO to Build beneficiary house through contractor. and we finance 400000/- from a finance company with a agreement with beneficiary. But we get 388000/- from finance company. and then after we make payment to contractor 349200/- with 10% of profit.
then what will be the JV entry of agreement, and is the beneficiary comes under current Liabilities or What ?
how to entry the different amount we get from finance company ?
is the finance company comes under loan & advances (assets) or anything else
and contractor comes under sundry creditor or any thing else
please help me
Thank you in advance for your Replay.....
CAclubindia
