Interested to Buy Any Domain ? << Click Here >> for more details...
How can I pass the journal entry for work in progress for a
construction company for every end of the period and what
should be for next period? I would like to know the debit
and credit should allocated where in an accounting system?
- 3 Answers
- 27926 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / ashok
P&l A/c Dr.
W-I-P A/c Cr.
For Next period This will be Opening Balance
| Is This Answer Correct ? | 22 Yes | 9 No |
Answer / furqan
we have to look as per instruction given in ias 11
construction cotract where detaied anlysis is given
although
expense DR
wip cr
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / waqas
ACTUAL JV WHILE STARTED:
WIP DR.
PAYMENT CR.
THEN WHEN WE will START THE BUSINESS, WE can AMORTIZE THIS
WIP, WHICH IS IN ASSETS, BY MAKING FOLLOWING JV EVERY
MONTHS/YEARS
1) EXPENSE DR
WIP CR.
BUT SOME GUYZ R MAKING THE BELOW ENTRY
2) EXPENSE DR
WIP CR.
| Is This Answer Correct ? | 5 Yes | 5 No |
export sales contract and domestic sales contract? india's trade in commercial services?
what are the disadvantages of back-flush accounting?
What is deferred account?
Mention why some asset accounts have a credit balance?
Tell me what do you think is bank reconciliation statement?
What is diffrence between Satutory Liquid Ration and Cash Reserve Ratio?
what is the difference between depreciation in account books and depreciation as per income tax act
I have passed in SBI clerical exam 2009 , pls tell me what question will be asked for interview .pls mail it on my email id sawant.supriya51@gmail.com
What are control ledgers? What are the purposes of maintaining it?
Honda car dr 11556 purchase 25/08/2010 to bank cr 4100 to loan cr 7456 Installment paid upto 31/7/2012 @ 207/-pm (total 4761/-) Loan Bal. 2695/- Car was cancelled due to accident in June-2012. Finance company refunded 6656/-(15/08/2012) Total accumulated depreciation was 5202.318. what will be the Car write-off entry..??
What is vat adjustment?
Fundamental accounting assumptions are (a) Materiality. (b) Business entity. (c) Going concern. (d) Dual aspect
Audit 
