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What will be the accounting entry for "retention money" hold by a customer?

Accounting Accounting Analysis Accounting and Finance
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Question added by INAM UL HAQ , Senior Accountant , Al Yousuf Electronics LLC
Date Posted: 2017/09/13
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Moazam Ali Shamas
by Moazam Ali Shamas , Guest Service Executive , Jumeirah Creekside Hotel

It will be considered as Profit once received, until then it will be considered as loss. Entry should be as follow:

 

Customer = Credited

Retention Money = Debited

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