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Closing WIP in Construction Business

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(Querist)
12 May 2011 I am bit confused regarding valuation of closing work in progress and Closing stock in case of construction business. ( flats ) Plz give a hint on this. thanks
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Pankaj Gandhi Jaiswal

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Pankaj Gandhi Jaiswal (Expert)
05 June 2011 Please refer to AS 7 for this. however Closing WIP is depend on the completion of work and work certified for this and expenses incurred towards the construction only. Non construction expenses generally will be part of PL
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
07 July 2023 "Sorry, I am not a featured member."

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