04-12-2010, 02:15 PM
when loss anticipayed at the start then what entry we should pass?
provision is rrecognized but I dont know proper entry?
i s it
Dr. contract revenue
Cr. Contract loss
cr.W.I.P
Cr.provision for loss
total loss assume 50 will not be recognized in W.I.P at once but how it will be account for in P& L a/c
provision is rrecognized but I dont know proper entry?
i s it
Dr. contract revenue
Cr. Contract loss
cr.W.I.P
Cr.provision for loss
total loss assume 50 will not be recognized in W.I.P at once but how it will be account for in P& L a/c
