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NPO fund based accounting

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(Querist)
21 August 2010 Q-1) what is the journal entry when some amount is paid to contractor while the capital work is in Progress?
is it capital WIP A/c dr to contractor to bank
or is it simply contractor a/c dr to bank?

Q-2) when the work is over then will the equivalent amount of Capital WIP is tranferred to building fund?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
22 August 2010 1st Transaction you can pass 2 entry

First J.V

Dr: Capital WIP a/c
Cr: Contractor a/c

second payment entry

Dr: Contractor a/c
Cr: Bank a/c

for transfering j.v for work completion

Dr: Building fund a/c
Cr: Capital WIP a/c
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