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.
- 6 Answers
- 15048 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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 |
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 |
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 |
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 |
Answer / ravi agarwal
Capital WIP A/c----Dr 500000
To; Bank A/c---- 500000
| Is This Answer Correct ? | 1 Yes | 6 No |
Real,Nominal or Personal. Where do reserves, general reserve and Specific Reserve Go? and why?
Explain deduction from house property income U/s (24)?
how to know which item is contingent liability? and why it is not taken in treatment in final a/c....
In tally software Alt+R ,Alt+u is used for?
Mention what is bank reconciliation?
what is o2c and cycle
Tell me why do you apply for a job of an account executive?
Kindly tell me some journal entry of provision . 1) Make provision for Rs 100 teliphone bill on 31 March 2010. 2) teliphone bill received Rs 150/- on dated 10 Apr 2010. What will be journal entry for both case in tally.
WHAT IS CRR, REPORATE, REVERSE REPO RATE
In the absence of any provision in the partnership agreement, profits and losses are shared (a) In the ratio of capitals. (b) Equally. (c) In the ratio of loans given by them to the partnership firm. (d) None of the above.
WHAT IS CASH DISCOUNT & TRADE DISCOUNT?
how to account salary advanced from petty cash
Audit 
