Construction bussiness

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mukesh patel (Querist)
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23 February 2017 plz give me guidelines for to keep books of account of construction Bussiness .like as accounting entry and taxation...thanks in advance

CA DHAVAL MISTRY

CA DHAVAL MISTRY (Expert)
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24 February 2017 Dear Mukeshbhai,
For construction business, you have to maintain following books of accounts
Purchase Invoices, Purchase Register, Expense Vouchers, Cash Book, Bank Book, Journal Entry Register, Employee/Labour Attendance Register, Sale Register, Stock Register. Proper date wise filing to be made. In case the completion construction contract fall into more than one financial year, you need to follow Accounting Standard-7 for revenue recognition. For maintaining books of accounts, you need to have accrual accounting system.

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CA Dhaval Mistry
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