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Answer Posted / arun chauhan
Accounting is the process of recording the transaction in a systematic and scientific manner only for those transactions which can me measured in terms of money
Systematic manner means within proper format as described by the accounting standard.
Scientific manner means if you are going to purchase a thing and it takes 1 hr for final transaction then you should record the transaction with final amt not the whole bargaining.
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Can you help me to pass the journal entry for work in progress for a construction company? I would like to know the debit and credit for W.I.P will be under in which accounts head. Eg: debit will be in current asset a/c head, and credit will be under in which a/c in P&L? whether under purchase a/c head, or under direct income a/c head? please give me the details. Thanks for your previous answer?
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