partnership firm is engaged in construction business & has started construction of buildings in fy 13-14 & sale deeds are prepared & also received some payment from customers & firm has also incurred various indirect exp like accounting fees, telephone exp etc. now what treatment will be given books for payment recd & exp incurred.
1 Replies
satyashi
(Student C.A. final)
(212 Points)
Replied 19 January 2015
book the sales done as sales if it is completed or if not book it as WIP With the value of sales deed on the credit side of p&l
And debit the expenses to P&L.
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