Accounting Standard 7
This query is : Resolved
12 September 2008
hi,
i wanted to know... if after calculating the wip.. for a real estate co as per AS7.. shud we pass any journal entries for the same.. how shud the income n exp be shown in p&l a/c aftr calculation??
i wanted to know... if after calculating the wip.. for a real estate co as per AS7.. shud we pass any journal entries for the same.. how shud the income n exp be shown in p&l a/c aftr calculation??
03 October 2008
Are you asking whether journal entry is to be passed for closing work in progress? Yes, if the inventory is not part of your financial books and is entered after valuation.
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