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Fix asset. ..wip or creditors

This query is : Resolved 
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31 December 2014 plz ans this urgent query. if purchase order is raised on jan 14. grin is prepared in march 14..bt installation report is of may 14..so what will be the accounting entry for this transaction. .. do we need to create creditors for this or we need to show it in wip..our ca says as installation report is of next year we will nt generate creditors or will not show in wip as payment is made in 14-15..plz help
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P V Ram

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P V Ram (Expert)
31 December 2014 Supplier account is to be credited on March 2014 (dt. of grn).

Purchased item can be shown as CWIP as it is meant for capitalisation.

Capitalisation can be made on May 14 as installation is complete.

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