12 May 2011
I am bit confused regarding valuation of closing work in progress and Closing stock in case of construction business. ( flats ) Plz give a hint on this. thanks
05 June 2011
Please refer to AS 7 for this. however Closing WIP is depend on the completion of work and work certified for this and expenses incurred towards the construction only. Non construction expenses generally will be part of PL
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