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work in progress for a construction company this year is
Rs.5,00,000/-.In balance sheet Rs.5,00,000/- will be
debited under current asset a/c but the credit would under
which account.and next year what will be the entry.please
answer me in detail.

Answers were Sorted based on User's Feedback



work in progress for a construction company this year is Rs.5,00,000/-.In balance sheet Rs.5,00,00..

Answer / chandu

this work-in-progress treated it is nothing but a closing
stock. Work -in-progress debited in the balance sheet under
current assets and the same will be credited in the profit
& loss account. And the next year treated it is a opening
work-in-progress debited to Profit & Loss account and
credited to current assets work-in-progress. and other
system also adopted the entire closing work-in-progress
debited to work done account.

Is This Answer Correct ?    8 Yes 2 No

work in progress for a construction company this year is Rs.5,00,000/-.In balance sheet Rs.5,00,00..

Answer / vishwas

Work in Progress for that year will be closing stock in
hand under current assetes.

For next year it will be Opening Stock for that year

Is This Answer Correct ?    4 Yes 2 No

work in progress for a construction company this year is Rs.5,00,000/-.In balance sheet Rs.5,00,00..

Answer / kvedhagiri

up to next year this work is not completed opening balance
of work in progress next year balance sheet.or suppose the
particular work completed the entry was passed total amount
of work in progress debit to particular building any other
credit the work in progress

Is This Answer Correct ?    3 Yes 2 No

work in progress for a construction company this year is Rs.5,00,000/-.In balance sheet Rs.5,00,00..

Answer / sachin

Rs. 500,000/- included in closing stock and next year work-
in progress take as a opening sttock

Is This Answer Correct ?    2 Yes 1 No

work in progress for a construction company this year is Rs.5,00,000/-.In balance sheet Rs.5,00,00..

Answer / syed shakir ali

iT Will Credited in account fixed assets under sub group of
Land & Buildings likely will Become a Fixed asset to the
company .

Is This Answer Correct ?    1 Yes 6 No

work in progress for a construction company this year is Rs.5,00,000/-.In balance sheet Rs.5,00,00..

Answer / ravi agarwal

Capital WIP A/c----Dr 500000

To; Bank A/c---- 500000

Is This Answer Correct ?    1 Yes 6 No

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