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work 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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Answer / chandu
this work-in-progress treated it is nothing but a closing
stock. Work -in-progress debited in the balance sheet under
current assets and the same will be credited in the profit
& loss account. And the next year treated it is a opening
work-in-progress debited to Profit & Loss account and
credited to current assets work-in-progress. and other
system also adopted the entire closing work-in-progress
debited to work done account.
| Is This Answer Correct ? | 8 Yes | 2 No |
Answer / kvedhagiri
up to next year this work is not completed opening balance
of work in progress next year balance sheet.or suppose the
particular work completed the entry was passed total amount
of work in progress debit to particular building any other
credit the work in progress
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / sachin
Rs. 500,000/- included in closing stock and next year work-
in progress take as a opening sttock
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / syed shakir ali
iT Will Credited in account fixed assets under sub group of
Land & Buildings likely will Become a Fixed asset to the
company .
| Is This Answer Correct ? | 1 Yes | 6 No |
Answer / ravi agarwal
Capital WIP A/c----Dr 500000
To; Bank A/c---- 500000
| Is This Answer Correct ? | 1 Yes | 6 No |
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