NPO fund based accounting
This query is : Resolved
CA Vijeta Verma
(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?
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?
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
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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