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What Includes In Amount Due From Customers In Contract Work And What's The Accounting Treatment of It?

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تم إضافة السؤال من قبل Umair Javed , Deputy Manager Accounts & payables , Fazal Group Of Companies
تاريخ النشر: 2015/12/14
abdul mujeeb
من قبل abdul mujeeb , Contract supervision , Construction industry

Gross Amount Due from Customer is calculated as follows: $ Contract Costs IncurredX1 Add: Profit RecognizedX1 Less: Losses Recognized(X) Less: Progress Billings(X) Gross Amount Due From CustomerX Conversely, Gross Amount Due to Customer represents the amount of revenue earned on a contract in excess of the amount billed to the customer. It also includes the amount of contract costs incurred in excess of the amount charged to the income statement.

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