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AS-7

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Querist : Anonymous (Querist)
09 December 2010 my client is partnership firm engaged construction activity ,have two project in progress , maintain sept. books of accounts for both the project, sept . bank a/c but use project completion method for one project & precentage completion method for other project , it can be valid , (please also give case studies reference if any ) its urgent

09 December 2010 I think project completion method is scrapped As per AS 7. Now we have to account construction contract on % completion method only.

09 December 2010 For accounting as well as income tax purpose, follow AS 7.




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