11 September 2009
We have sold some part of CWIP Excess material procured for building ( say Steel )value is not a nehligible value ) what is the treatment od this sale. & pls explain what are all the disclosure requirment
11 September 2009
Since you might have debited the asset account while acquiring the material, so the sale value of the same can be credited in the same account so that the asset value is redused. If loss arises from transaction it it can be shown as extra ordinary item.
CAclubindia
