[3] Tender Price & Deposit: Will not be shown in Contract A/c.

[4] Contract Price : Will be credited to contract a/c.,when Contract

is completed.
[5] Work completed : Will not be shown (Calculate on the basis of
Contract price) in Contract Account.
[6] Work Certified : Will debited to WIP a/c and Credited to Contract a/c.
[work completed and also certified by the architect]
[7] Work uncertified : Will be shown under WIP Account.
[Work completed but not certified]
NOTE:- If work certified is given ranging from 75% to
100%,then 2/3rd of Notional Profit should be transferred to
Profit and Loss A/c and balance must be in Capital Reserve
or Work-In-Progress,else if it ranges from 50% to 75%,1/3 rd
should be transferred.
Notional Profit X 2/3 X Cash Recived/Work Certified
 PROCESS ACCOUNTING
FOR THE BOOKS OF..
PROCESS ACCOUNTS/COSTING