In Apartment Association, for installing Water treatment plant (WTP), invoice is raised for the flat personnel and against that payments received from few.
Now, my question is, if this payments received from flat personnel should be considered as Income or Advance. As the WTP work started in March 2019 and ended in April 2019.
after draft uploading of financials, few are saying it should be treated as advance from flat personnel, but to my knowledge it is an Income against the invoice which is raised already and balance what ever is not receivable should be shown in balance (asset side)
Kindly advice valuable suggestion in this regard.
Ashwin
CAclubindia
