19 October 2009
we are a project based services company ,and we undertake projects for building maintenance services ,now my query is there are certain projects which are not fully completed as of 31st march 2009 may be 10% remaining ,can we still book the revenue in 31 st march 2009 taking into account that 10 % work under the project is pending due to commissioning and installing and all costs under the project have been fully incurred for all those pending projects upto 31 st march 2009 and that the remaining work would be completed in 2-3 months time upto 31 st may 2009
19 October 2009
Please follow percentage of completion method which is acceptable by assessing officer asual as you will be presenting a proper profit to your shareholders or partners.
CAclubindia
