Interested to Buy Any Domain ? << Click Here >> for more details...
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
- 14647 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 |
Describe the proof of cash type of bank reconciliation?
Tell me which accounting application you prefer most and why?
what is the minimum & maximum amount paid by company per day
if iam paid to insurence jan to jan but, financial year march to march
What are the differences among band,debenture and share ?
we given watches to Employees how to treat accountability what is the debit and credit, or any provision to be ?
What is an interest rate swap
IRR and NPV
20. Between educational qualification and practical work experience, give us a brief explanation on your practical experience in your past Endeavour that you performed well to the satisfaction of your past or present employer?
1 Answers Dodsal, Swil, Tesla,
sir if we make purchase and sale for the same pary for the same amount what adjusting entry have to be passed to close that entry in tally. while taking bill wise details we can see the dr. cr.and have to cancell that
what is eps
what is direct expensive?
Audit 
