Interested to Buy Any Domain ? << Click Here >> for more details...
I would like to know about work in progress, when we will
debit WIP under Asset a/c head in balance sheet, the credit
will be allocated under in which accounting head? whether
its under purchase a/c or income a/c ? expecting detail
explanation?
- 2 Answers
- 8359 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / shailesh
WIP is closing stock that why it is reflecting assets next
effect will on trading account credit sidt
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / piramu
WIP - Work in process
in factory some stock laying in process (ie., not completed
as a finished goods NOT a raw material) some process would
be done it's called as a WIP
We have stock in factory not finished state entry will be
WIP A/c Debit
Trading profit & Loss a/c credit
(or)
Increase decarease in stock account credit
(fe.,) our production is 1000MT
Expenses is Rs.10000 this expenses related to 1000MT
Our sales is 800MT 200MT is our closing stock
we have to book our expenses only our sales
balance expenses carry forward to next year (or) next period
it's in the form of closing stock
wip come under closing stock
what oir tje exp. spend is valued for WIP
| Is This Answer Correct ? | 1 Yes | 0 No |
Tell me what a deferred asset is and give an example?
What is Capital reserve and Revenue reserve...? Any example would be highly appreciated.
What is Deferred tax? What is the difference between current tax and deferred tax.give some example of deferred tax.
Hey guyz I m looking for a Job in Accounts Sector can anyone help me I hve 2 yrs of work experience...
if a company has opened its new branch in delhi ,so while preparing Balance sheet for that company we will be preparing depreciation chart. So i want to know whether depreciation chart should be prepared as per IT Act or Companies Act?
Premium collected by Insurance co. What will be all Journal entries & effect in the book of Insurance co in Transaction date & Period end date.
'Talk me through an example of how you have used data to improve your teams productivity.'
What will be the general entry for advance salary given?
Define partitioning in accounting?
Journal entry for Salary paid 100000/- in which (1)pf (2)esi (3) professional tax included
what is the journal entry for accumulated depreciation?
will preference share holders will have voting right?wat is difference between eqity holders and preference share holders
Audit 
