Follow Our FB Page << >> for Daily Laughter. We Post Funny, Viral, Comedy Videos, Memes, Vines...

How can I pass the journal entry for Work in progress. I
would like to know that where should be the debit and
credit allocated in accounting system. eg. WIP debit will
be under asset a/c in balance sheet what about credit? me

How can I pass the journal entry for Work in progress. I would like to know that where should be t..

Answer / dinesh

WIP a/c dr
creditor a/c cr

at the time of capitalisation

asset a/c dr
wip a/c cr

Is This Answer Correct ?    23 Yes 14 No

Post New Answer

More Accounting General Interview Questions

what is branch reconciliation?what is the Procedure of Branch reconcile step by step?

2 Answers   HCL, HPCL, Treebo Hotels,

how we can calculate sundry debtors and crditors a/c?show some examples

0 Answers  

3. Cash Flow from Operation: Assume a company with an Income Statement showing: Net Income …. $ 180,000/- Depreciation …. $ 80,000/- Amortization … $ 60,000/- Deferred Income … $ 40,000/- What would be the: a) Cash Flow from operation b) Ratio of Cash Flow

0 Answers  

What is mean by Asset area?

0 Answers   HP,

what stock transfer applicable in sister concern unit.

0 Answers  

What is the Journal entry for Bad Debt recovered.

2 Answers   Lycatel,

Purchases book records: (a) All cash purchases. (b) All credit purchases. (c) Credit purchases of goods in trade. (d) None of the above.

3 Answers  

What Is Responsibility Accounting?

0 Answers  

What is the order of priority of the following. 1.Trial Balance,2.Sales Ledger,3.Journal Entry,4.General Ledger,5.Balance Sheet,6.Profit and Loss Account,7.Cash Flow and fund flows.

1 Answers  

Why Accountants have to or must prepare INCOME STATMENT in two stages Gross Profit And Net Profit

2 Answers  

pre paid expense is a asset?where it should be posted.

7 Answers   Genpact,

If we started new project of Housing with Construction linked payment plan . How can booked our revenue or Sales .

0 Answers