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work in progress

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(Querist)
22 July 2008 in our previous year (06-07) balance there is showing work in progress Rs.7 Lakh, my query is : that Rs.7 Lakh will reduce or not from the current year income, pls clarify.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
22 July 2008 Work in Progress appearing in the Closing stock in hand as on 31.03.07 will be brought forward as an item of the Op Stock in the Profit and Loss A/c which will be adjusted from the Gross Revenue for FY 07-08. As a result the cost of such WIP is adjusted for calculating Profit for FY 07-08.
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