Can somebody explained IAS 11 construction contract in
terms of general entries. and is there any possibility when
WIP classified as non current assets.
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Journal entries for construction contract:-
(Percentage of completion Method)
(1) construction in progress Dr
Cash Cr
(2) Accounts receivable Dr
Billings on construction contracts Cr
(3) Cash Dr
Accounts Receivables Cr
(4) Construction in progress Dr
Construction expense Dr
Construction (Work certified) Revenue Cr
Although Construction (WIP) is recorded as a non-current asset, it is not depreciated or subject to revaluation requirements until the asset is complete and first put into use or held ready for use by the relevant Agency.
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