Dear All,
Greetings,
My query is in relation to Accounting treatment of Value of Work done but not certified, details as follows:
An entity is constructing a Building (as Investment Property) through contractor. Only 30% of construction is completed as at Balance Sheet date i.e. 31/3/15, hence said item is shown as 'Capital WIP' in its books.
On 15/4/15 Construction Contractor submits his bill for March'15 and same is certified by Engineer on 18/4/15. Please advise regarding accounting treatment of work done during March'15 but not certified as at 31/3/15.
Thank you in advance.
Best Regards,
Prashant
CAclubindia
