Work in progress

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 September 2012 Hi

Our Company is Publishing Books

In August 2011 we started one Project for That we collected Advances from Advertisers and shown it as Advances from Customers.

now we spent Editorial Design & Salaries in the last FY 2011-12 nearly 18 Lacks. the book is Finished in August 2012, the Sale of Books is Recognized in FY 2012-13

for Last FY 2011-12 whether we need to Show WIP Please Let me Know ASAP

Amol S Joglekar

Amol S Joglekar (Expert)
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26 September 2012 Assuming yours is a "PRINTING & PUBLISHING" company, you need to show the WIP. If it is ONLY publishing company... the paper and printing is assumed to be done on WORKS CONTRACT basis(Fully outsourced), then question of WIP may not even arise. Of course the facts of the case will throw light on as to whether or not WIP is in existence.

Querist : Anonymous

Querist : Anonymous (Querist)

26 September 2012 Printing we will given to Sub Contractor

even though the Writing, Design & Photography Exp will incurred. we are not Showing any Income shall we show only Expenses in Financials

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