My company is constructing building in Gurgaon and assign work to serveral contractors for constuction, electrical etc. My question how to book the expenses of contactors they are giving us running bills not final bills and final bills are expected to come when work completed may be next year. If company is putting capital expenditure then how to book it and running bill of contractors? Also give the accounting entries in detail . Thanx in advance
Menu
Regarding how to record CWIP
Replies (2)
| Originally posted by :Rajesh | ||
| " | You should debit all expenses related to building construction to CWIP account and when the construction will be completed transfer CWIP a/c to Building account. |
" |
Thanx for your valuable response
Need for clarification in this regard
what will be accounting entries and their group i.e. effect in B/s and P&L?
Recent Threads
- Hotel ITC
- ITR for Trust- 12A
- Proprietorship to Pvt Ltd - Is Slump Sale / BTA ma
- Pan and Aadhaar Link Issue
- Fund Transfer to Foreign Country and TCS provision
- ITR updated return
- Company change Status from CIRP into Active
- Can a LLP Park money in MFs and do F&O
- ACCOUNTING TREATMENT FOR FIXED ASSETS STANDING AT
- GST Rule 14A and Form GST REG-32: Simplified Regis
Related Threads
CAclubindia
