Please let me know the entry for the below transaction.
we have a job value 15.2 million. Let say, main client-x, contractor-y and we are subcontractror-z.
x has given the order  to y. y has given order to us. we have to provide the equipment which value is 12.5 million, otheer progress 2.7( total order value 15.2).  we have paid 20% of equipment value i.e. 2.5 million to mitsubishi. Remaining 80% has to paid by LC. due to lack of official formalities, we could not able to open the LC as Mitshubishi did …

Related posts:

  1. Interest free loan with no fixed repayment terms
  2. IAS 8 – ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS
  3. Happy New Year 2011 from IFRSList.com