AS-7
This query is : Resolved
Querist : Anonymous
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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