Our Company has given capital advance to MR X for the construction of Building on 28.01.2021 and Now the MR X has submitted the bills for 1.65 Crores.
What is the Accounting treatment and Ind As entries.
3 Replies
sabyasachi mukherjee
(27574 Points)
Replied 28 January 2022
Let's discuss the basics.
1. It's a construction contract.
2. advance given to be adjusted against a proportion of cash received and work certified.
1. It's a construction contract.
2. advance given to be adjusted against a proportion of cash received and work certified.
Nidhi
(Chief Accountant)
(3150 Points)
Replied 28 January 2022
Advance given to be adjusted against bill raised.
sabyasachi mukherjee
(27574 Points)
Replied 28 January 2022
Whatever I hv told is in conformity with accounting standards.
Recent Topics
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
- Rectification to decrease income in SCHEDULE OS
- Can Statutory Auditor of a subsidiary become concu
Related Threads
CAclubindia
