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Works Contract

AS 1074 views 2 replies

Gurmet Siingh

Chartered Accountant

413 Points Joined September 2007

Hi I m doing audit for an Interior Decorators company which works as per Works Contract.

So i wanna know how to make entries in Tally for that different Contracts going on for the company at different sites?so that i can calculate profit for different Job Works going on as different Cost Centre.

Pls. Help quickly.

Replies (2)

jyotsna

CA Final Article

29 Points Joined January 2008

You can account different contract undertaken by you with the help of AS 7 i.e. Construction Contracts

Srinivas Sharma KN

Tax Consultant

292 Points Joined February 2008

You can create different ledger accounts giving site names as prefix. This will be bit confusing, since there is number of ledger accounts. Instead you can use create cost centre option in Tally, where you can create site name as Cost Centre. When make the entries, it will be ask for the cost centre to be selected. You can take report cost centre-wise, in your case it is site. However, you have to enable this option in features provided by Tally.