(10)Payments for measured up additions and alterations as well as for the work covered by the lump sum for which no detailed measurement are necessary are treated like advance payments and should be brought to account in the works accounts under the suspense head "Contractors-Advance payments". This will not only simplify accounting but will facilitate a watch over the prompt adjustment of the payments made.Note. - If a percentage or any other portion of the value of work done is withheld as security for the due fulfilment of the terms of the contract, the net amount remaining after the deductions of the portion withheld should be entered as the advance payment.
