Capital work in progress accouting
This query is : Resolved
narendra singh
(Querist)
13 May 2016
Our contractor is constructing a RCC road . As per contract he can submit RA (Running accounts bills ) . These RA bills are booked as capital work in progress. During March contractor has completed some part of work but not submitted the RA bills as measurement was pending . Whether liability under capital work in progress is required in march accounts . Keeping in view the fact that such liability will increase both assets and liability .
CA R SEETHARAMAN
(Expert)
13 May 2016
Yes liability under capital work in progress, for work done but bill not submitted, has to be created in March accounts.
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