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Inventory issued to Contractors for execution of Capital Projects

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(Querist)
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'.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
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.
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Kalpana Penmetcha

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Kalpana Penmetcha (Querist)
07 September 2021 Thank you very much sir
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