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WORD OF THE WEEK

RETENTION MONEY
Retention is the amount receivable by the company (contractor) which is kept unpaid by the contractee until the agreed job is completed. This is therefore shown as account receivable in the liability section of the Balance Sheet.
EXAMPLE
    Organisation takes a building on lease worth $100,000   where Organisation  retains $20,000 and pays $80,000. The $20,000 would be paid at a later date assuming certain conditions are fulfilled.
ACCOUNTING TREATMENT
PARTICULARS
DEBIT
CREDIT
Customer A/c    Dr                                                     
XXXX

      To Sales A/c
(being invoice made)

XXXX
Retention A/c    Dr                                          
XXXX

      To sales retention A/c
(being invoice passed)

XXXX
Customer A/c    Dr       
XXXX

          To retention A/c
(being the adjustment made)

XXXX

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