construction contract - lets see how much you know

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construction contract - lets see how much you know

insaan
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06-03-2006, 06:54 AM

Asalaam o alaikum

I have a question regarding construction accounting

In the B/S

W.I.P = costs incurred to date + profit recognized i.e. charged 2 P/L (this is zuberiâs treatment)
Or
W.I.P=value of work certified + cost of work uncertified (this is our acc. Teacher's treatment)

Yes W.I.P may be the same in both cases But what is the right treatment?
Plz give answer n back up with logical reasoning

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construction contract - lets see how much you know - by insaan - 06-03-2006, 06:54 AM

[No subject] - by Abdur.Rehman - 06-03-2006, 08:23 AM

[No subject] - by insaan - 06-04-2006, 04:42 AM

[No subject] - by Ali Akbar - 06-04-2006, 05:12 AM

[No subject] - by insaan - 06-04-2006, 07:16 AM

[No subject] - by Ali Akbar - 06-04-2006, 08:42 AM

[No subject] - by insaan - 06-05-2006, 05:28 AM

[No subject] - by Ali Akbar - 06-05-2006, 04:10 PM

[No subject] - by waqas_rehman20 - 01-03-2011, 04:18 PM

[No subject] - by Ali Akbar - 06-07-2011, 07:21 AM