Can anyone please explain the meaning of "Estimated amount of contracts remaining to be executed on capital account [net of advance]" ?
1 Replies
N.Naveena Maheswara Rao
(Assistant manager for accounts)
(1096 Points)
Replied 17 July 2012
It includes Future capital expenditures that a company has committed to spend on long-term assets over a period of time.(Ex: Pending WORK ORDERS)
If the Company paid any advances, then we have show net of advances
As these will not effect the financial statements, the amount should be shown in notes to accounts
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