Q. Payments received in advance from a customer for a contract can be (Solved)
1. Shown as a deduction from contract work-in-progress on asset side
2. Shown as a liability
3. Credited to P&L A/c
4. Either (a) or (b) above
- d. Either (a) or (b) above
1. Shown as a deduction from contract work-in-progress on asset side
2. Shown as a liability
3. Credited to P&L A/c
4. Either (a) or (b) above