how to initiate transaction of contract accounting of a construction firm in tally.
please any one help with example.
1 Replies
vaseem
(Tax Consultant)
(76 Points)
Replied 26 April 2011
create ledger for that co.
stock
work in progress
cash and bank balance
if u own the mach there will be depriciation or if on rent or hire the hirecharges
labour wages
for ex the stock will be of steel cement bricks and sand
all raw materials
there will be no account for the work certified
if the contract is of 10000 work certified is 60% so you get the cash for the same and if the contract is
getting over to next year show it as a notional profit and for the same reffer to IAS 7
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