Can you help me to pass the journal entry for work in
progress for a construction company? I would like to know
the debit and credit for W.I.P will be under in which
accounts head. Eg: debit will be in current asset a/c head,
and credit will be under in which a/c in P&L? whether under
purchase a/c head, or under direct income a/c head? please
give me the details. Thanks for your previous answer?
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Answer / Rakesh Kumar Lohani
For a construction company, work-in-progress (WIP) is classified as an asset account. The debit will be recorded under the Work-in-Progress (WIP) Account in the Current Assets section of the balance sheet. On the other hand, the credit will be posted to various expense accounts such as Labor Expense, Material Expense, or Overhead Expense under the P&L account.
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