Calculation of wip for construction company.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 March 2013
Our client is engage in civil construction. And they have to calculate WIP every month for certain purpose. We are calculating WIP as under.
Total Billing ***
(Less) Uncertify Bills (***)
Gross WIp ***
(Less) GP Margin (***)
WIP @ Cost
(Add) Unbilled Work @ cost ***
Net WIP ***
Whether this is right method ????
Total Billing ***
(Less) Uncertify Bills (***)
Gross WIp ***
(Less) GP Margin (***)
WIP @ Cost
(Add) Unbilled Work @ cost ***
Net WIP ***
Whether this is right method ????
CMA Ramesh Krishnan
(Expert)
15 August 2013
Work in progress need to compute based on cost method.
Cost of work done
Less: Certified value
Balance is Work in progress
Cost of work done
Less: Certified value
Balance is Work in progress
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