Retention money

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deepak (Querist)
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22 July 2014 what is the accounting entry for retention money in contract os fixed assets which no longer is payable?

deepak (Querist)
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22 July 2014 retntiontion money no longer payable

CA R SEETHARAMAN (Expert)
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22 July 2014 Credit the amount to fixed assets.

deepak (Querist)
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22 July 2014 retention money no longer payable

CA R SEETHARAMAN (Expert)
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22 July 2014 Yes reduce the amount from fixed assets.

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