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progress payment and progress billing

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › progress payment and progress billing

  • This topic has 1 reply, 2 voices, and was last updated 14 years ago by AvatarMikeLittle.
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  • March 26, 2012 at 12:07 pm #52000
    Avatartabish9911
    Member
    • Topics: 4
    • Replies: 4
    • ☆

    respected sir.
    im a little confused about progress billing and payment.
    according to the format we will add recognised profit in cost incurred upto date and less recognised losses less progress billing.(amount due/from customers).what will be the procedure if progress payment is given instead of progress billing. i can differentiate between progress payment and progress billing but i am unable to solve a question if progress payment is given instead of progress billing.

    March 26, 2012 at 4:36 pm #95831
    AvatarMikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23368
    • ☆☆☆☆☆

    I think, in that situation, you’d be safe to assume that the payment is received as a result of a bill having been sent

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