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loss anticipated in construction contract
04-12-2010, 02:15 PM
Post: #1
loss anticipated in construction contract
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
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