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RETENTION MONEY
06-16-2010, 08:38 PM
Post: #1
RETENTION MONEY
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.
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06-19-2010, 05:17 PM
Post: #2
 
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.
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