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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?
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Answer / shailesh
WIP is closing stock that why it is reflecting assets next
effect will on trading account credit sidt
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / 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 |
What are the expenses comes uner direct exp
The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
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