Answer / h.r. sreepada bhagi

Work commenced on a fixed asset but not completed and ready
for use is called 'Capital Work in Progress'.
For example building under construction, Plant or Machinery
under installation.

Once the construction or installation is complete & the
assets are available for use for the intended purpose, Value
needs to be transferred from Capital Work in Progress to the
relevant Fixed Asset A/c (Building or Plant & Machinery as
the case may be in this example)
Capital Work in Progress appears on the Assets side of the
Balance Sheet and depreciation can not be charged on this.

how we will account the preliminary expenses in journal and ledger as well as balance sheet?

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