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Construction Bill Entry

This query is : Resolved 
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(Querist)
07 March 2020 Our company constructing new factory. There has been some construction material like interlocks have been purchased. What journal entry to be passed ?
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Akash Monwani

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Akash Monwani (Expert)
07 March 2020 All material & Labour used in Construction should be accumulated in a account named Capital WIP and same will be capitalised when the construction is completed
JE will Be
Capital WIP Dr.
To Cash /Vendor
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shalini

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shalini (Querist)
07 March 2020 Thanks for the reply. Would you please let me know what entry to be passed at the time of capitalisation ?
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Akash Monwani

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Akash Monwani (Expert)
08 March 2020 At the Time of capitalisation the Capital WIP will be reversed and Factory A/c will come to existence

Factory A/c Dr.
To Capital WIP
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