Society/Association is undertaking a separate revamping of building construction project and requesting money from owners.
Few contractors have been shortlisted as per tender and some advance have been paid based on some advance paid from owners.
Advance money received from owners have been declared in receipt and expense account but it has not been migrated to the income and expense account.
Now, my question is that after receiving bills from contractors and remaining money from owners, what would be the accounting entries?
Will the receipt and expense entry be migrated to the income and expense account or can it be directly moved to the balance sheet liabilities ?
CAclubindia
