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+--- Thread: RETENTION MONEY (/thread-retention-money)
RETENTION MONEY - Muhammad Rehman - 06-16-2010
MY DEAR forum FELLOW!
I AM WORKING IN PRIVATE CONSTRUCTION COMPANY . WHEN WE PAYMENT TO SUB CONTRACTOR WE DEDUCT SOME AMOUNT AS RETENTION MONEY .
SO WHAT MEAN IN ACCOUNTING STANDARDIZED.
- Abuzar Qazi - 06-19-2010
Retention money signifies the amount which is kept for the reason that one party may not execute and perform the contract or perform in a way different from the one that is mutually agreed on........Its a Liability of the company and to be classified either as current or non current keeping in view the outstanding time.