Hi friends,
I heard that for stock and Asset ,we have work in progress.
But can we have work in progress for expected income also .
i.e we are expecting some income ,but that income generated activity is still in progress for the year ending.can we create Work in Progress for that income.
Thanx in advance
I thnk we cannot create but it reduces the cost..
Suppose u r constucting a building and u gave it rent to the workers ur cost is suppose 10 lacs and rent is 5000 then ur total cost is 9,95,000.
Because asset is in WIP
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