Construction

Allocating the transaction price to the performance application in a contract with a customer is essential for revenue recognition.

First of all, identification of the performance of obligations in the contract and determination of a transaction price is beneficial for reaching the entities

Transaction price also reflects the consideration of the entity except to receive was it meets the performance of applications in the contract.

Actually, allocation of the the transaction price is done totally based on the performance of applications in the contract.

The overall objective of allocating the transaction price is to arrive at an allocation that represents the amount of considering the entity.

Here, I will be discussing some useful checklist especially used for storage & cleaning of formwork.

Useful checklist used for storage & cleaning of formwork:

 

1. Using a sufficient stiff brush, the formwork should be cleaned after removal. So that dirt, dust, stubborn bits of concrete will be removed easily.
2. Before storing, the uncoated & timber surface should be coated using a release agent.
3. For avoiding corrosion, the steel formwork should be coated lightly with oil.
4. Before storage, the damaged formwork should be repaired.
5. Extra care should be taken while storing a plywood sheet & panel. They should be stored on a perfectly horizontal level platform.
6. For protecting the surface, the panel should be placed face to face.
7. The storage area should be well ventilated & it is protected from the rain.

---

Thank You.