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Treatment of wip

This query is : Resolved 
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(Querist)
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
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CMA Ramesh Krishnan

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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
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