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Amount Due To/From Contract Customer

Accountancy

Hi sir, hope you're well For calculating amount due to/from the customer, why do we take contract costs rather than contract revenue? Since it is the revenue only that is falling due from customer Thanks Video Details P1 - Accounting Standards - CA Inter (New) AS 7 8. Q&A


Devaprasad Jothimani

Devaprasad Jothimani

CA Inter

0

12-Apr-24 13:56

58

Answers (1)

Profit element takes care of the revenue part. Basically Cost + Profit = Revenue


CA Suraj Lakhotia

CA Suraj Lakhotia

Admin

15-Apr-24 18:54

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