How much should be recognised here,24 lacs or whole of 66 lacs?
5 Replies
Nitish Agrawal
(CA)
(810 Points)
Replied 30 April 2015
I think it should be 66 lakhs itself as that amount is being fixed....and it cannot be denied by any mean...
CA AnKiT BoHrA (AB)
(Manager)
(25955 Points)
Replied 30 April 2015
yes, it should b 66 lacs, because there wont b any future benefit.. and there are no chances that u can get any benefit or way out not to pay these 66 lakhs... So in current year this should b booked as expense
Vishwas Surana
(Intern)
(53 Points)
Replied 30 April 2015
Yeah, 66 lakhs bcoz it has become an onerous contract
Dilip
(chief Accounts Officer)
(79 Points)
Replied 01 May 2015
It should be 24 lacs per year as the rent is paid every month. And the liability is spread over 3 FY
singh
(accountant)
(26 Points)
Replied 08 May 2015
I am working in a company who is taking contactor of building construction. It’s a new company and we have received 2 or 3 contract till now. I want to know that which expenses head I should open for purchasing of material like 1. Nail, cement, Bled, nut, plywood, sand, iron sheet, PVC Hand Gloves, Plastic Shoes for Labour, Cable roll, PVC tape, rope, painting material example chuna, brush, etc. please help me for this I am new to construction company. Thanks
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