Asset purchased on 31/03/21

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Proprietor
538 Points Posted on 22 January 2022
A firm purchased ply for making furniture on 31/03/2021 of Rs. 1 Lakh

Whether this ply amount can be shown as capital work in progress
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On 22 January 2022 at 00:42 Report
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Quick Summary
This discussion addresses whether a £1 Lakh purchase of ply for furniture manufacturing on 31/03/2021 can be classified as Capital Work in Progress. The consensus is yes, it can be shown as CWIP, though the materiality of the amount is an important factor to consider.

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Practising CA
8954 Points Posted on 22 January 2022
Yes. Definitely.
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On 22 January 2022 at 01:26
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Profession
28269 Points Posted on 22 January 2022
Certainly but the materiality of the same is important.
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On 22 January 2022 at 07:23

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