Construction Bill Entry
This query is : Resolved
07 March 2020
Our company constructing new factory. There has been some construction material like interlocks have been purchased. What journal entry to be passed ?
07 March 2020
All material & Labour used in Construction should be accumulated in a account named Capital WIP and same will be capitalised when the construction is completed
JE will Be
Capital WIP Dr.
To Cash /Vendor
JE will Be
Capital WIP Dr.
To Cash /Vendor
07 March 2020
Thanks for the reply. Would you please let me know what entry to be passed at the time of capitalisation ?
08 March 2020
At the Time of capitalisation the Capital WIP will be reversed and Factory A/c will come to existence
Factory A/c Dr.
To Capital WIP
Factory A/c Dr.
To Capital WIP
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
CAclubindia
