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
- 13054 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
WHETHER CAPITAL RESERVE CREATED OUT OF SALE OF FIXED ASSETS OVER AND ABOVE THE COST BE TRANSFERED TO PROFIT AND LOSS ACCOUNT
Dear Sir, Tomorrow i am going for interview at TCS-Mumbai.Please let me know what kind of question are going to be asked.
Tell me what is project implementation?
What is the definition(meaning) for the Final accounts adjustment 'Uninsured goods lost fire'?
What is entry of Dishonored cheque issued to supplier
1.WHAT IS BRS? 2.WHY DO WE PREPARE BALANCE SHEET? 3.WHAT IS TRIAL BALANCE? 4.WHAT IS VENTURE CAPITAL? 5. WHAT IS DEFFERED REVENUE EXPENDITURE?
How to make a entry in tally for Land & Building Purchased for RS.1,65,00,000/-(Total Consideration)Paid Installment wise as 30 lakh,10 lakh,20 lakh & 1,30,87,500
What was your most complicated sales cycle in past positions?
What is mutual fund sub accounting?
what is the manual procedure for accounting
What qualification do you need to become an accounting professional?
a person have to buy 2kg items out of 4 differnt price tag item i.e potatoo rs. 10 kg, onion rs. 5 kg , radish rs. 1 kg, and chilli rs. 1 kg in rs 10 how can he do
Can a firm claim preliminary expenses incurred(manufacturing) or only its is applicable to Companies? can a firm claim ,1/5 of such expenses incurred as deduction as in case of Companies? or any other procedure.
Can i put opening stock in new company during closing time
I am working in govt. sec. How to make journal entry in books for Fix Deposit
