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wip

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(Querist)
20 March 2009 sir
i am an account writer please say the account WIP (work in prog) what does it mean and in which type of account should it be shown and what are its expense types.

i am writting a accounts for a building project he is a builder what is WIP and how is it calculated.please guide me.

regards
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
20 March 2009 Work in progress - WIP Account is maintained in the manufacturing organisation. There are three terms of stock:

1. Raw material
2. WIP
3. Finished goods

So when raw material is issued for manufactoring, untill it is converted into finished goods it will be called WIP. So all the expenses which are spented to convert the raw material will be included in cost of WIP. Brief details are as below:

1. Cost of raw material
2. Factory Labour
3. Factory Rent
4. Depr. on Factory machines and others
5. Any other cost incurred in factory
6. Factory electricity
7. Factory telephone
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