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THK Management Advisory Sdn Bhd
THK Management Advisory Sdn Bhd 200401000220 (638723-X)
SSM
Jenis Perniagaan:

Perkhidmatan

Klasifikasi Yang Berkaitan:

Perkhidmatan Perakaunan Sumber Manusia

How to record construction in progress journal entry? - THK Management Advisory Sdn Bhd

How to record construction in progress journal entry?

12-Jan-2021

Confused over construction accounting Q&A Part III

Today we cover Q&A #3 on recognition and measurement in the construction accounting following our first sharing on the business cycle in last week.

We will run a series of our training note to our clients and new colleagues on contract accounting. Stay tune

Next is the tax treatment on the construction account.

Step by step on construction accounting.

#1 Determine the % of completion
  1.1 Progress bill method
        = Actual work done to date/contract sum
        … OR

  1.2 Cost method
        = Actual work done to date/budgeted cost

#2 Revenue Recognition = % of completion x contract sum

#3 Cost recognition = % of completion x budgeted cost

#4 Amount due / (to) from customer

#5 Disclosure on financial statement in construction accounting
     5.1 Recognition method used
     5.2 Amount due/(to) from customer

 

#KTP

#Thk

#ConstructionAccounting

#contractaccounting

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THK Management Advisory Sdn Bhd 200401000220 (638723-X)
Wisma THK, No. 41, 41-01, 41-02, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru, Johor, Malaysia.

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