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
- 8248 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
Explain me your current/former role, your responsibilities, and how success is/was measured?
as per partnership deed, salary to working partner is rs 8000/ per month (96000 annually), suppose if i have book profit of rs 50000/ only,then what is the procedure to give salary
how to calculate the per unit cost of production
Wo kya cheez hai jo sal me 1bar mahine me 2 bar aur hafte me 4 bar aur din me 6 bar ata hai?
WHY U HAVE CHOOSE ICWA WHY NOT CA
Dillution effect on EPS
Have you ever made mis reports and what are they?
What is dd and a in oil and gas accounting?
how to upload ledgers in excel or word document
what are the charecteristics of cost accounting financial accounting managment accounting payroll accounting environmental accounting h r accounting forensic accounting inflation accounting?
Explain under what type of account does the unearned revenues fall?
Explain what is ledger?
Hi, I am working at Himachal Pradesh, there we pay entry tax for purchase other state. but now govt decide this tax will be deposited with Sale Tax return, now my question is that where column i show this tax or which challn i deposit this tax
simply define shares and debentures
Why in KE5Z report in SAP Accounting Data not found?
