Captial work in progress treatment

This query is : Resolved

TR Nagaraja (Querist)
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25 May 2009
hi experts
one of my client contructing builnding, He paid around 8 laksh to contractor for contruction it wll be completing on 28.7.2009. My question is

How to entry in capital work in progress in tally. Under which grounp i have to create and after completing contruction of building How to capitalised the enty, pLS Provide me Journal Entries in details, thanks in advane

Deepak Agrawal

Deepak Agrawal (Expert)
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25 May 2009 Capital WIP will be created under fixed Assets in Tally

Entry for CWIP when it is purchased :
CWIP A/c... Dr
To Vendor / Bank A/c

When it is capitalised:

Fixed Asset A/c... Dr
To CWIP A/c