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How can I pass the journal entry for Work in progress. I would like to know that where should be the debit and credit allocated in accounting system. eg. WIP debit will be under asset a/c in balance sheet what about credit? pls.help me
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3 10550work in progress for a construction company this year is Rs.5,00,000/-.In balance sheet Rs.5,00,000/- will be debited under current asset a/c but the credit would under which account.and next year what will be the entry.please answer me in detail.
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Journalize the Following: 1. The following were purchased on account: a. Materials $ 10,000 b. Office supplies $ 2,000 c. Small tools $ 1,000
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Can you help me to pass the journal entry for work in progress for a construction company? I would like to know the debit and credit for W.I.P will be under in which accounts head. Eg: debit will be in current asset a/c head, and credit will be under in which a/c in P&L? whether under purchase a/c head, or under direct income a/c head? please give me the details. Thanks for your previous answer?
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