Answer Posted / barodianbuddy(acca)

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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