hi,
when can we recognise revenue in construction business. How do we treat advance received for booking residential unit yet to construct and sale consideration after completion of units and how to treat transaction pertaining to joint development agreement and implications under IT, GST and RERA
A contract ledger is kept in which a separate account is opened for each contract undertaken. It is usual to give each contract a distinguishing number. A contract account is debited with all direct and indirect expenditure incurred in relation to the contract.
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