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
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|
Answer / furqan
we have to look as per instruction given in ias 11
construction cotract where detaied anlysis is given
|Is This Answer Correct ?||3 Yes||1 No|
Answer / waqas
ACTUAL JV WHILE STARTED:
THEN WHEN WE will START THE BUSINESS, WE can AMORTIZE THIS
WIP, WHICH IS IN ASSETS, BY MAKING FOLLOWING JV EVERY
1) EXPENSE DR
BUT SOME GUYZ R MAKING THE BELOW ENTRY
2) EXPENSE DR
|Is This Answer Correct ?||5 Yes||5 No|
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