Wip

This query is : Resolved

ravichandra (Querist)
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01 October 2013 1.what is the entry for provissional WIP?

2.after enter in provisional entry RA bill submitted to Client What is the journal Entry?

3.what is entry for Difference in Provission WIP and Submitted RA Bill Entry?

4.Client approved RA Bill Less than the provission and RA Bill? what is the entry?

Please explain in detailed about all the above mention issues and Overall WIP Concept.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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10 November 2013 1. Dr: WIP(Stock)
Cr: P&L a/c

2. reverse the above entry & pass Dr: Debtors & Cr: Sales a/c

3&4 since the reversing the provision, the difference will be adjusted with p&l