07-20-2006, 01:24 AM
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by insaan</i>
<br />
achaa mujhe lagta hai k WIP A/C is just our amount due from customer A/C ,it exactly goes da same way ,cost incurred to +recognised profit - progress billing,means the balance shall be the amount due from/to customer
except 4 da difference dat B/S shows to date figures and contract A/C shows for the yr figures
infact a contract is like a continous sale ...
and then it wont be rite to call this A/C as contract A/C
this shall b WIP A/C
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
One thing more
Due From Customers is actually net of the following
Closing Stock xxxx
Unbilled Revenue xxxx
Overbilled Revenue (xxxx)
Provision for Expected Losses (xxxx)
if we net off above figures these will be same as we calculate AMOUNT DUE FROM CUSTOMERS as follows
Cost incurred to date
Add Porfit Recognized to date
Less Progress Billings to date
<br />
achaa mujhe lagta hai k WIP A/C is just our amount due from customer A/C ,it exactly goes da same way ,cost incurred to +recognised profit - progress billing,means the balance shall be the amount due from/to customer
except 4 da difference dat B/S shows to date figures and contract A/C shows for the yr figures
infact a contract is like a continous sale ...
and then it wont be rite to call this A/C as contract A/C
this shall b WIP A/C
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
One thing more
Due From Customers is actually net of the following
Closing Stock xxxx
Unbilled Revenue xxxx
Overbilled Revenue (xxxx)
Provision for Expected Losses (xxxx)
if we net off above figures these will be same as we calculate AMOUNT DUE FROM CUSTOMERS as follows
Cost incurred to date
Add Porfit Recognized to date
Less Progress Billings to date
