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Construction contracts

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Construction contracts

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
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    Posts
  • June 20, 2021 at 10:24 am #625902
    tomasm
    Participant
    • Topics: 12
    • Replies: 7
    • ☆

    As per the contract, a project has to be delivered, and then for a period of 2 years a retention amount is held for 10%of the contract value approximately, and 60%is received as advance and 30% is received on the completion of the project.

    after the completion the 90% will be recorded as revenue, 60 % as revenue across period and the 30% at the point of time.
    the 10%, what is the double entry for it ..please kindly help

    June 24, 2021 at 8:28 pm #626234
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7171
    • ☆☆☆☆☆

    The 10% will be held as deferred income and released once the retention is no longer held.

    Thanks

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