For construction business
shivani (student) (210 Points)
28 July 2020
what's the point to be considered during accounting of construction business (Partnership firm)??
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 28 July 2020
As of now, there is no separate standard for construction contracts because IndAS 115 prescribes the accounting treatment for construction sector as well. Since your company is partnership, just recognise revenue as per AS and the rest is partnership accounting,
sabyasachi mukherjee
(27105 Points)
Replied 11 August 2020
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