28 July 2010
DEAR SIR\MAM, PLS.GIVE ME IMP.NOTES REGARDING CONTRACTORS ACCOUNTING .ALSO GIVE JOURNAL ENTRIES REGARDING TENDERS & OTHER ACTIVITIES OF CONTRACTORS.
01 August 2010
The reply can be given in a very general form.
Contractor's account are maintained on the same way as we maintain in other business firm.
The main feature of its accounting is unique as :
At the end of the year; the valuation of work completed and certified by architect is made and accordingly income is treated for the year/period ending.
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