Can somebody explained IAS 11 construction contract in
terms of general entries. and is there any possibility when
WIP classified as non current assets.
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.
Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
what is the steel consumption per sq ft for ground plus 12 floors
What is audit trail in siebel?
What is pr ? why it is prepared and what is its purpose ? who is responsible for preparing it ? And on any fault in it who is liable ? And what will happen if fault comes ?And What are major reasons of fault ?
for how much loan a borrower has to submit QIS
A company charity (gross income 250k) wishes to take advantage of the audit exemption regime. However, there is an audit provision in the company's Articles. Should they be required to change the Articles?
What Is Social Audit?
I WANT TO DO MY ARTICLE-SHIP FROM DELLOITS KOLKATA..PLEASE HELP??
What is audit control procedure?
May deduct TDS Froma reseller ?
How auditing is prepared?
How can i disable closing stock in trial balnce in tally?
Define vouching?
What are the importance of internal audit to the organization?
what supporting documents do we vouch to for sales, purchases, receivables, payables, sales cutoff, and liabilities cutoff?
How to reconcile GST Tally and GST Portal ?