Hi All,
could anybody guide me how accounting entries being done in case of following cases.
An agency constructs building for Govt. . For this they procure material like cement,bricks etc. They also used to issue this to repective projects. What will be the accounting entries for this issue. (if tthe normal life of the project is more than 1 year). What will be the accoutning entry after the project gets over and ready for handover. Please guide me.
| Originally posted by : Biraja Senapati | ||
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Hi All, could anybody guide me how accounting entries being done in case of following cases. An agency constructs building for Govt. . For this they procure material like cement,bricks etc. They also used to issue this to repective projects. What will be the accounting entries for this issue. (if tthe normal life of the project is more than 1 year). What will be the accoutning entry after the project gets over and ready for handover. Please guide me. |
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There is an AS for the same. Please check MCA/ ICAI website for AS on Construction Contracts.
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