Interested to Buy Any Domain ? << Click Here >> for more details...
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.
- 6 Answers
- 14921 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
Why Company maintain's books of account?
Can you help me to pass the journal entry for work in progress for a construction company? I would like to know the debit and credit for W.I.P will be under in which accounts head. Eg: debit will be in current asset a/c head, and credit will be under in which a/c in P&L? whether under purchase a/c head, or under direct income a/c head? please give me the details. Thanks for your previous answer?
What are source documents in accounting?
i want to wearies heads under direct expenses and indirect expenses
how calculate intrest on advance tax ? and penalty on vat?
What elements of your job do you find most difficult?
what is the treatment for employee contribution and employer contribution in in pf in accounts under which head??
what is bank aceleted?
What is the marginal cost formula?
pass journal entries of the following transaction in the books of AG sindh, AGPR,FTO and SBP: 1)DDo sindh house submitted a bill for purchase of furniture to AGPR islamabad for Rs.200000 on 20th March 09; 2)AGPR issued cheque on 2nd april which was cleared by SBP on 5th April; 3)On 26th may, voucher were exchanged in the clearing house; 4)On 28th May, AG sindh issued advise to settlement to SBP karachi; 5)On 5th june,SBP HQ karachi sends a copy of clearnce memo along with bank statement to AG sindh and AGPR for settlement made on 31st May.
Why do you want to be an accountant?
In Service tax Return ST-3 What is meaning of first Row (i) Service tax payable (a) Gross amount received in money (I) Against service provided Pls explain in detail
Describe me accounting rules
salary and rent entry with tds deduct
Horizontal balance sheet versus Vertical balance sheet
