How to make Accounting entries of running bills of construction work?
2 Replies
V P Narasimhan
(Accounts Manager)
(791 Points)
Replied 31 July 2010
Dear Friend
Suppose if a RAB 1 value is 13,52,852 after some months another bill RAB 2 raised for 18,32,547 the treatment is as follows: The RAB 1 tobe accounted for 13,52,852 wheras the RAB 2 has to be accounted for the difference from the RAB 1 viz., (18,32,547 (-) 13,52,852 = 4,79,695 If you look at the other angle say the total value of work done it should be equal to RAB 2 . One important thing has to be considered is it should be before taxes & duties say service tax ,less materila if supplied by the client. If a thrid party involved in certification we should always consider the Certified Value only in all aspects.
Mayank
(Sr.Accountant)
(152 Points)
Replied 31 July 2010
hiiiiiiiii ajeet
I m satisfied with V.P.sir,
byeeeeee
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