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
- 26758 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 |
In Which Group "goodwill Written off account " will come?
Explain me bills receivable?
Tell me what is the difference between accumulated depreciation and depreciation expense?
How to make bank reconcilition in sap fico ? pl. suggest
how to calculate the per unit cost of production
What are the differences between contrast bookkeeping and accounting
What is the journal entry for sundry debtors
what's the mean by Imprest system? Please give me Replay on this no. 9885789716
What is the equation for acid-test ratio in accounting?
how sales invoices adjusted against advance received from Debtor?
OUR COMPANY IS ENGGAGED IN CONSTRUCTION ACTIVITY .WE ARE GOING TO PURCHASE EXACAVATOR MACHINE FROM THE INTERSTATE.WHETHER THE ABOVE PURCHASE COVERED BY ISSUING THE C FORM.
Please Inform me the actual meaning & rate of C.S.T.,E.S.I.,Gift Tax,Service Tax,Excise duty,Professional Tax & Range of the same,Calculation of P.F. & F.P.F.
Audit 
