Accounting treatment of payament made for Trunky project
This query is : Resolved
Payal Desai
(Querist)
16 January 2011
Pl suggest me the accounting entry for payments made towards Lumpsum trunky project.
Say, My project is still going on and i have made payment of Rs.1 Crore on the basis of invoice received than what should be the accounting entry for this.
should it be debited under Work in progress account or should be treated as advance in view of AS 10 payment.
Thanks
Say, My project is still going on and i have made payment of Rs.1 Crore on the basis of invoice received than what should be the accounting entry for this.
should it be debited under Work in progress account or should be treated as advance in view of AS 10 payment.
Thanks
Vivek Raju P
(Expert)
16 January 2011
This is a capital advance, the amount has to be taken into CWIP on receipt of RA bills from the contractors.
After the intsallation and comissioning of the project the amount in CWIP may be capitalised under various heads of fixed assets.
After the intsallation and comissioning of the project the amount in CWIP may be capitalised under various heads of fixed assets.
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