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Does the following double entry not come in case of under billing?
Debit: Due from customers for contract work A/C
Credit: Progress billing A/C/ Under billing A/C
In case of over billing:
Assuming the following data:
Cost Incurred
Contract price
Progress billing
To rectify this we will:
CREDIT: Progress Billing A/c with
DEBIT: Due to customer A/c with
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In case of under billing:
Assuming the following data:
Cost Incurred
Contract price
Progress billing
To rectify this we will:
CREDIT: Due from customer A/c with
DEBIT: Progress billing A/c with
