classification of retention money
This query is : Resolved
13 July 2010
If in a contract it is mentioned that some percent (say 10%) of total contract amt will be payable after the final acceptance of contract and the deduction is made by the customer in all the bills for said 10%, then where will the amount retained be classified by the supplier? Will it be classified under Debtors or under loans and advances recoverable in cash or kind?
13 July 2010
It will be under Debtors only.
13 July 2010
AGREED
13 July 2010
Thanks sir. But as per schedule vi of companies act, 1956 only those which have become due are classified as debtors/ receivables. when in contract itself it is mentioned that the payment of the retention money will be made only after the completion/ final acceptance then it has not become due.It gets due only at the completion. It has only accured. Now will it be classified as Debtors?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Inventory of finished goods
- Disallowance of Section 43B(h) to sez units
- Applicability of Ind As to associate of associate
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Sale of property furniture sale
- Bogus purchase treatment for it act gst dealer
- Tax on capital gains revoked us 54f
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
