treatment of administrative expense in construction project
This query is : Resolved
01 September 2009
Hi
I have one construction partnership company who have incurred cost of raw-material and other labour Rs.1 Crores for building residential flats.and also has incurrred expenses in previous year indirect expenses of Rs.10 Lakhs there is no sale in this year.Now what tratment of this administrative expense be done.Whether they should be added to Work-In-Progress or loss should be shown?
Dixesh
I have one construction partnership company who have incurred cost of raw-material and other labour Rs.1 Crores for building residential flats.and also has incurrred expenses in previous year indirect expenses of Rs.10 Lakhs there is no sale in this year.Now what tratment of this administrative expense be done.Whether they should be added to Work-In-Progress or loss should be shown?
Dixesh
01 September 2009
The Administrative Expenses during the construction will be included in the total cost of construction. In present the expenses seem to be incurred during the project period so may be included in work in progress
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