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This query is : Resolved
06 September 2010
Please say under what account should the Expenses debited in the books of Water Pipe line Contractor.
1) Cash paid at site as donation Amt 25000/-
2)Cash Paid for Digging Charges say 1000000.00
3)Cash Paid for Tractor,Crane,JCB Hire Charges is (2500000)it Direct or Indirect Expenses
4)Machinery & Vehicle Repairs at Site is it Direct or Indirect Expenses
5)Labour Charges paid (How Should it be Accounted in P & L A/c)
6)Should Repair & Maintance account should be sepreate for Vehicle,Machine,Office Reapirs
Please help me as soon as possible
Please can i get expense head for Pipe line & drainage work for P/L
1) Cash paid at site as donation Amt 25000/-
2)Cash Paid for Digging Charges say 1000000.00
3)Cash Paid for Tractor,Crane,JCB Hire Charges is (2500000)it Direct or Indirect Expenses
4)Machinery & Vehicle Repairs at Site is it Direct or Indirect Expenses
5)Labour Charges paid (How Should it be Accounted in P & L A/c)
6)Should Repair & Maintance account should be sepreate for Vehicle,Machine,Office Reapirs
Please help me as soon as possible
Please can i get expense head for Pipe line & drainage work for P/L
07 September 2010
1) Donation A/c
2) Excavation expenditure or Work in progress(Current asset a/c)if the work is not yet complete at the Year end
3)Equipment Hire charges
4)Repair & Maintenance
5)Salaries & Wages
6) Separate repairs & maintenance can be maintained.
You may refer to AS 7,accounting for construction contract for accounting of this kind of job work.
2) Excavation expenditure or Work in progress(Current asset a/c)if the work is not yet complete at the Year end
3)Equipment Hire charges
4)Repair & Maintenance
5)Salaries & Wages
6) Separate repairs & maintenance can be maintained.
You may refer to AS 7,accounting for construction contract for accounting of this kind of job work.
07 September 2010
please say me if Labour charges paid say about 75 Lacks where should it be accounted Please give me expenses head.
Please say my Excavation expenditure work completed where should i account please give me expense head.
Site Expenses is it direst or Indirect
Machinery repairs is it direct or indirect Exp.
Desel& Oil used for Site for Projct is it direct or Indirect exp.
Cash Paid for Project Promotional exp. (Please give me Expenses group and it is direct or Indirect exp)
Tender Fees is it direct or indirect Expenses
Room Rent for Site employee is it direct or indirect.
Please guide me
Thanks & Regards
Survesh
Please say my Excavation expenditure work completed where should i account please give me expense head.
Site Expenses is it direst or Indirect
Machinery repairs is it direct or indirect Exp.
Desel& Oil used for Site for Projct is it direct or Indirect exp.
Cash Paid for Project Promotional exp. (Please give me Expenses group and it is direct or Indirect exp)
Tender Fees is it direct or indirect Expenses
Room Rent for Site employee is it direct or indirect.
Please guide me
Thanks & Regards
Survesh
07 September 2010
What are the points and concepts to be consider for Work in progress for a water pipeline Contractor. how are the expenses treated and consider while accounting
07 September 2010
Labour Charges can be put as Labour Charges/Labour Wages a/c.
Excavation Expenditure a/c
As per my understanding,all the expenses that you mention are direct expenses as these are directly attributable to the current project being undertaken.
In my opinion project promotional expense,tender fees are indirect expenses and room rent is direct expense.I am keeping this open for further opinion.
Excavation Expenditure a/c
As per my understanding,all the expenses that you mention are direct expenses as these are directly attributable to the current project being undertaken.
In my opinion project promotional expense,tender fees are indirect expenses and room rent is direct expense.I am keeping this open for further opinion.
09 September 2010
Yes. For calculating the work in progress, you need to consider the direct expenses.
Project related Direct expenses. like material,labour can be debited separatly to identify the cost
Water pipe line contract mostly will be the long term contract, and you need to recognise the revenue under AS-7 percentage of completion method
Project related Direct expenses. like material,labour can be debited separatly to identify the cost
Water pipe line contract mostly will be the long term contract, and you need to recognise the revenue under AS-7 percentage of completion method
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