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Urgent help required in contract costing
I wana know the correct treatment of dep on plant in contract costing. .
Pls tell me that one in which we debit contract acnt only by dep.
Replies (1)
There are two types of Plant used :-
1. General Plant
2. Specific Plant for The particular contract.
If Question is Silent about the use of General Plant then we always presume that General Plant will not be used for the Contract & therefore the Depreciation on the General plant will be charged from the Costing Profit & Loss A/c.
Thanks & Regards
CA. Arvind Singhal
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