Treatment of wip
This query is : Resolved
04 December 2011
Hi friends, I need a help from you. How can we calculate the WIP? And most importantly what are the journal entries in relation to WIP? How it appear in the P&L a/c and balance sheet ? Kindly reply
CMA Ramesh Krishnan
(Expert)
07 December 2011
In P&L Opening balance of WIP will be in debit side closing balance of WIP in Credit side
In Balance sheet only closing balance of WIP will be shown under Inventories Current assets
In Balance sheet only closing balance of WIP will be shown under Inventories Current assets
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