My question is how do you treat work in progress for a construction company in Tally.Please let me know what is the accounting entry and also under which accounting head the appropriate ledger a/c should be created.
23 March 2011
Thanks for the reply.i did not understand your reply.i am talking about w.i.p for project acounting ie, if we are having a project which is not finished in the current year and will be carried in the next year, in such a case what will be the entry to be passed in the end of financial year and the beginning of next financial year. please also let me know the equation of W.I.P and also under which group the closing w.i.p(P&l)Opening w.i.p(p&l),closing w.i.p(B/S) & opening w.i.p(B/S )ledger accounts should be created
CAclubindia
