Asset purchased on 31/03/21

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
Replies (2)
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.

Yes. Definitely.
Certainly but the materiality of the same is important.

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