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How can I pass the journal entry for work in progress for a
construction company for every end of the period and what
should be for next period? I would like to know the debit
and credit should allocated where in an accounting system?
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Answer Posted / waqas
ACTUAL JV WHILE STARTED:
WIP DR.
PAYMENT CR.
THEN WHEN WE will START THE BUSINESS, WE can AMORTIZE THIS
WIP, WHICH IS IN ASSETS, BY MAKING FOLLOWING JV EVERY
MONTHS/YEARS
1) EXPENSE DR
WIP CR.
BUT SOME GUYZ R MAKING THE BELOW ENTRY
2) EXPENSE DR
WIP CR.
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