Is it possible to convert WIP to debtors immediately without acceptance of Bills by the Debtor ? Actually in Contractor Business it is a normal practice where Debtors/Bills are accepted on receipt of fund by Govt against allocated budget and in normal practice blank bills are being signed and kept by debtors who as per Govt funds releases the same.
Please guide can I show WIP and then immediately transfer the same to Debtors , where I do not have proper bills to support my debtors, is it the right /correct procedure for COnstruction Business ?
CAclubindia
