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
- 26401 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 |
how to make contra entry in sap fico.?
give me some simple examples of personal account, real account, nominal account
Entries to revenues accounts such as service revenues are usually?
Pls let me know Job profile for Account Manager.
what are the main important accounting entries for AP and AR ...
what do you mean by the word Purchase
MY QUESTION IS OUR EMPLOYEE PAID SCHOOL FEES & TUTION FEES & BUS FEES FOR CHILD EDUCATION. IN WHAT KIND OF FEES WE TAKE DEDUCTION UNDER 80 C.
What is full rate on plywood box in haryana sale tax:
Volga is a large manufacturing company in the private sector. In 2007 the company had a gross sale of Rs.980.2 crore. The other financial data for the company are given below: Items Rs. In crore Net worth 152.31 Borrowing 165.47 EBIT 43.17 Interest 34.39 Fixed cost (excluding interest) 118.23 Calculate: a. Debt equity ratio b. Operating leverage c. Financial leverage d. Combined leverage. Interpret your results and comment on the Volga’s debt policy
Outstanding expenses and Provision for any expense will come under liability side...? Though it is basic question, it is to ensure the answer.
WHAT IS THE DIFFERENCE BETWEEEN CASH FLOW STATEMENT AND FUNDS FLOW STATEMENT
What is the difference between Economics and Finance?
Audit 
