Ameya Shah (Service) (43 Points)
21 May 2008I am doing an audit of Construction company.. There is only 1 project (township) going on currently. Is there any guideline for valuation of Construction WIP as on 31.03. Booking collections received have to be treated as advances under current liabilities. Also AS 7 is not applicable. Also please guide me about treatment of borrowing costs under AS 16.
Thanks in Advance
prafull
(manager - accounts)
(21 Points)
Replied 06 June 2012
Dear Sir,
Pls. let me know how to calculate the WIP of a construction co. as per AS 7 with an illustration. And how to pass the necessary entry in books of accounts.
saikiran
(CA)
(96 Points)
Replied 06 June 2012
There is a guidance note on accouting for real estate transactions. You can refer to that. Please find the attachment in this regard.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
