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How can I pass the journal entry for work in progress for a
construction company for every end of the period and what
should be for next period? I would like to know the debit
and credit should allocated where in an accounting system?

Answers were Sorted based on User's Feedback



How can I pass the journal entry for work in progress for a construction company for every end of ..

Answer / ashok

P&l A/c Dr.
W-I-P A/c Cr.

For Next period This will be Opening Balance

Is This Answer Correct ?    22 Yes 9 No

How can I pass the journal entry for work in progress for a construction company for every end of ..

Answer / furqan

we have to look as per instruction given in ias 11
construction cotract where detaied anlysis is given
although

expense DR
wip cr

Is This Answer Correct ?    3 Yes 1 No

How can I pass the journal entry for work in progress for a construction company for every end of ..

Answer / waqas

ACTUAL JV WHILE STARTED:
WIP DR.
PAYMENT CR.

THEN WHEN WE will START THE BUSINESS, WE can AMORTIZE THIS
WIP, WHICH IS IN ASSETS, BY MAKING FOLLOWING JV EVERY
MONTHS/YEARS

1) EXPENSE DR
WIP CR.

BUT SOME GUYZ R MAKING THE BELOW ENTRY
2) EXPENSE DR
WIP CR.

Is This Answer Correct ?    5 Yes 5 No

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