Capital work in progress
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 April 2013
when we make payment for say construction of any workshop then the journal entry we pass
party dr
to bank
then we transfer to capital work in progress
capital work in progress dr
to party
until we pass the 2nd journal entry we show the amount as capital advances.
my question is when shall we pass the 2nd journal entry.
is there any criteria upon which amount to be transferred to capital work in progress is determined.
Please someone revert back .
It's urgent.
party dr
to bank
then we transfer to capital work in progress
capital work in progress dr
to party
until we pass the 2nd journal entry we show the amount as capital advances.
my question is when shall we pass the 2nd journal entry.
is there any criteria upon which amount to be transferred to capital work in progress is determined.
Please someone revert back .
It's urgent.
19 April 2013
1) You can pass the 2nd entry after the receiving M.B. (Measurement bill).
2) You have to capitalized whole amount (i.e billed amount) either advance amount deducted from the bill or not.
2) You have to capitalized whole amount (i.e billed amount) either advance amount deducted from the bill or not.
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 April 2013
what is measurement bill
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