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Query
we are construct additional place of building so we have received cash memo bill of cement bill from the party my question is how to record this entry?
Replies (2)
Add this amount to 'Asset A/c' i.e Bldg A/c since the cement bought is for construction of bldg.
Journal Entry is:
WIP(work in progress) ...Dr
To Bank
(Being cement bought for bldg construction)
When construction is completed:
Building A/c. ...Dr
To WIP
(Being amt t/fd from WIP to Bldg Account)
Ultimately it leads to construction of Building, which you must capitalize it.
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