What is contractor ledger, Financial Accounting

Assignment Help:

Q. What is Contractor Ledger?

Accounts relating to contractors should be kept as personal accounts in contractor's ledger and a separate folio should be opened in the Contractor's ledger for each Contractor should exhibit all transactions with him , Whether relating to one or several works or to materials purchased from him or supplied to him . The Contractor's ledger should show the number and amount of each passed bill and certificate , briefly naming the work and the number and amount of the cheque . The amount of advance granted to a Contractor as well as the value of material rates , should be debited to his account and a receipt for the value there of taken from him in respect of the debits.

The Contractor's ledger should be posted as bill are paid it should be closed and balanced monthly . A copy of his accounts in the ledger may be furnished to any Contractor who wants it .


Related Discussions:- What is contractor ledger

Financial accounting theory, This assessment item may be completed either i...

This assessment item may be completed either individually or in groups of two (2) students.  The group mark on both assessment items will be given to both students.  Please ensure

Key person insurance, For purposes of rules which apply to top heavy plans,...

For purposes of rules which apply to top heavy plans, a key employee: 1. An officer of employer earning more than $130,000; 2. An individual who owns more than 5 percent of e

Receiver necessary statement-bankruptcy, Receiver necessary statement T...

Receiver necessary statement The receiver may, if necessary, require the statement to be submitted by: Past or present officers of the company Persons who have taken

Describe about trade test, Q. Describe about Trade Test? With a view of...

Q. Describe about Trade Test? With a view of perform the work in a trade an artisan staff should have the skill required for the trade and for this Railway workers classificati

IRR, what managers should know about internal rate of return( IRR) and wh

what managers should know about internal rate of return( IRR) and why

Show the basis of weightings, Q. Show the Basis of weightings? (i) Both...

Q. Show the Basis of weightings? (i) Both costs of capital (Ke and Kd) as well as the WACC have been calculated using current   ex-dividend (ex-interest) market values rather t

The surplus capital method-partnership, THE SURPLUS CAPITAL METHOD Unde...

THE SURPLUS CAPITAL METHOD Under this method, the initial amounts repaid to partners are in order to reduce their capitals to amounts such that these are now in the same ratio

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd