Sir, how to calculate work in progress?
Ashim kr Ray (social service) (1691 Points)
19 November 2016
Sir,
How to calculate contractor's work in progress from Bank statement.
Ashim kr Ray (social service) (1691 Points)
19 November 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170707 Points)
Replied 19 November 2016
Work in progress cannot be calculated based on Bank Statments, but can be just estimated.
Actually, architect or inspecting authority certifies the work completed, and based on that Work in progress is calculated.
Ashim kr Ray
(social service)
(1691 Points)
Replied 19 November 2016
Sir, which amount or how to analysis in bank statement to estimate the work in progress.Its is quite confusing.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170707 Points)
Replied 19 November 2016
For estimate: you can use simple method as follows:
Total Estimated project cost: say Rs.100.
Amount of Total materials to be used: say Rs. 80
Materials already used (as per payments from Bank statement): :say Rs. 60.
Thus estimated work in progress will be 75%
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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