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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.
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Answer Posted / 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.
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