Construction Bill Entry
This query is : Resolved
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 ?
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
JE will Be
Capital WIP Dr.
To Cash /Vendor
07 March 2020
Thanks for the reply. Would you please let me know what entry to be passed at the time of capitalisation ?
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
Factory A/c Dr.
To Capital WIP
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