Treatment of WIP
This query is : Resolved
10 July 2009
Hi...
one of the our construction company has spent around Rs 40 lakh for one site till 31/3/09 and yet no bill has been raised for the same so i think that the exps will be treated as WIP. I would like to know that how to give tratment of this exps in the books of Accounts i mean i should first includ the exps in direct exps and than create WIP on the credit side of P&L OR i directly debit WIP A/c by crediting the party...
Pls help me out....
one of the our construction company has spent around Rs 40 lakh for one site till 31/3/09 and yet no bill has been raised for the same so i think that the exps will be treated as WIP. I would like to know that how to give tratment of this exps in the books of Accounts i mean i should first includ the exps in direct exps and than create WIP on the credit side of P&L OR i directly debit WIP A/c by crediting the party...
Pls help me out....
10 July 2009
Just do it as you first mentioned above by debiting to the direct exp. But note that you need to separate this project exp. from the other one.
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
- Capital gain from sale of house property
- TDS on Purchase of Immovable Property by NRI from NRI
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- Multiple trade mark
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
