work in progress accounted in construction company

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harshit (Querist)
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20 June 2008 our company have own land & develop that land to construct flats and sale to customers, i.e basic aim

now constructin started initial expenditure booked like

development authority charges
development soil investigation
development archtech fee
the above expenditure transferred to WIP account this was correct or not?

now construction expenditure like purchase of cement, metal, steel, sand all are booked under which head total 6 phases construction was started phase wise expenditure booked total expenditure first booked under WIP after that how the expenditure transferred to P& L Account and what is the procedure for revenue recognition?

please help sir- what is the accouting procedure and which expenditue goes to WIP and wich expenditure goes to P & L account?
please suggest me sir

Taranjit Singh

Taranjit Singh (Expert)
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03 October 2009 Hello, is this query still pending?????? plz send me a PM if yes.....

Taranjit Singh

Taranjit Singh (Expert)
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03 October 2009 Hello, is this query still pending?????? plz send me a PM if yes.....

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