15 October 2009
as per as 10 cost of machinery should be 100000.00 only and u have to do nothing with 20000.00..
WIP is to shown under the head current assets,loans & advances.......
in case of provison is of rs.100000 & advance tax rs.120000.00. in that case refund of rs.20000 will be adjusted with advance tax & amount in excess of rs.20000 as interest will be transferred to income (p&L a/c)
CAclubindia
