W.i.p
waquar khan (CA result pending) (31 Points)
09 December 2013
how to calculate W.i.p of a contractor??can he has to treat it as sale and to pay Vat??
veeru sagar
(BBE,M.com,CA Final )
(468 Points)
Replied 09 December 2013
Dear Waquar Khan
As you have asked about the valuation of contractor work in progress (WIP) , As per scope of AS-2 , Valuation of inventries issued by ICAI , WIP of contractor not covered in AS -2 scope and it is depend on the well practise established in the indury.......
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