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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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