banner_ad

WIP

This query is : Resolved 
Profile Image

Profile Image

(Querist)
01 September 2009 Hi

Ours is an service company, everymonth we will account some portion of work executed as Work in process. Now I need to bill the same. can any one guide how to account the sales bill and whether we need to reverese WIP account.

AT THE END OF Every month i will do the following entry

WORK IN PROGRESS DR
TO INCREASE OR DECREASE IN UNBILLED REVENUE CR

can any one clarifiy this .

my email id is vanee_ind@yahoo.co.in

With rgds
Vanee
Profile Image

vrnanda

Profile Image

vrnanda (Expert)
03 September 2009 Hi Vanitha,

To my understand your query is for unbilled revenue that book every month.
If that is the case.

As and when you book the unbilled revenue,

When your finalize the bill/complete the task, you need to book the Sales entry.

example is as follows:

a) Reverse the original unbilled entry that you have passed.
b) Account for the normal revenue
Customer A/C dr
To Revenue/Income A/c.

Just ping me in case you have any further queries/doubts in this or the other.

Regards,
V R Nanda
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details