Inventory issued to Contractors for execution of Capital Projects
This query is : Resolved
01 September 2021
Our Company issues Inventory Items to Contractors for execution of Capital Projects.
What should be the accounting treatment. Currently it is transferred to 'CWIP-Stock' on issue.
Is it correct to book it as 'Advance to Contractors'.
What should be the accounting treatment. Currently it is transferred to 'CWIP-Stock' on issue.
Is it correct to book it as 'Advance to Contractors'.
01 September 2021
In case of free issue debit to CWIP and at the year end take the stock and credit CWIP and debit capital goods in stock.
In case of recoverable issue debit advance.
In case of recoverable issue debit advance.
07 September 2021
Thank you very much sir
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