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Deposit

This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.

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July 3, 2021 at 5:05 am #626866
Noah098
Member
- Topics: 935
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Sir if a deposit becomes non-refundable after 75% of completion of a house then can we recognise it as revenue once 75% of construction is done or we have to wait till we pass control of the asset to the customer?
July 3, 2021 at 3:52 pm #626915
Stephen Widberg
Keymaster
- Topics: 11
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I think you recognise it.
You have an enforceable right to the money for the work that you have completed.
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