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


I would like to know about work in progress, when we will
debit WIP under Asset a/c head in balance sheet, the credit
will be allocated under in which accounting head? whether
its under purchase a/c or income a/c ? expecting detail
explanation?

Answers were Sorted based on User's Feedback



I would like to know about work in progress, when we will debit WIP under Asset a/c head in balanc..

Answer / shailesh

WIP is closing stock that why it is reflecting assets next
effect will on trading account credit sidt

Is This Answer Correct ?    3 Yes 0 No

I would like to know about work in progress, when we will debit WIP under Asset a/c head in balanc..

Answer / piramu

WIP - Work in process
in factory some stock laying in process (ie., not completed
as a finished goods NOT a raw material) some process would
be done it's called as a WIP

We have stock in factory not finished state entry will be
WIP A/c Debit
Trading profit & Loss a/c credit
(or)
Increase decarease in stock account credit

(fe.,) our production is 1000MT
Expenses is Rs.10000 this expenses related to 1000MT
Our sales is 800MT 200MT is our closing stock
we have to book our expenses only our sales
balance expenses carry forward to next year (or) next period
it's in the form of closing stock
wip come under closing stock
what oir tje exp. spend is valued for WIP

Is This Answer Correct ?    1 Yes 0 No

Post New Answer

More Accounting General Interview Questions

Does the accounting system appear to facilitate one specialty from financial, auditing, or cost managerial or tax accounting over the others?

0 Answers  


What is the diffrence between General Exp. & Misc. Exp?

5 Answers   Tata Steel Limited,


Sales A/C belongs to which account type?

12 Answers   Chartered Accountant, OPI Global,


How the Entry passed for Loss of Payment

0 Answers  


what is entry for salary advance paid and received? the salary entry enter to Indusvel name

1 Answers  






is goods in transit will be liable for entry tax ?

0 Answers  


what will be the entry of income tax paid in partnership firm.

3 Answers  


what is consignment entry?

0 Answers   Genpact,


what is ex-gratia to employees

1 Answers   Chartered Accountant,


shyam consigned 200000 unit @ rs 5/-each to mr ram and paid freight and insurance amounting to rs 100000.ram spent further following amount: 1) insurance rs 5000 2) godown rent rs 4000 3) clearing rs 6000 2000 unit were damages during transits due to heavy rains. Ram sold 100000 unit @rs 10 per unit . ram realisec solvage value of damage unit rs .2000 ram is get 5% commission on sale determine the abnormal loss?

0 Answers  


what is enty of income tax paid by company.& what is group of income tax paid.

9 Answers   Genpact,


How to calculate opening Balance of Profit and loss account

3 Answers   Capital IQ, TCS, TSC,






Categories