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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- FEMA regulation Act. for inward remitance
- Difff in ais receipts and gst turnover
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
