06-04-2006, 07:16 AM
thx 4 correction
i just came 2 know that W.I.P & amt due are same thing
few more things
1.in the P/L
revenue to be charged to P/L would be work certified
profit to be charged to P/L would be calculated figure
and costs to be charged to P/L would be thier balancing figure
and
2.in the B/S
W.I.P=Cost incurred (Actual cost, and it may include the cost of unconsumed material and uncertified work)Add/(less) recognized profits/losses Less progress billings
3.contract A/C asked by the examiner is the W.I.P A/C
i m just asking these to confirm what i have concluded from construction contract.... i might be at mistake ..so plz correct me if there is any
i just came 2 know that W.I.P & amt due are same thing
few more things
1.in the P/L
revenue to be charged to P/L would be work certified
profit to be charged to P/L would be calculated figure
and costs to be charged to P/L would be thier balancing figure
and
2.in the B/S
W.I.P=Cost incurred (Actual cost, and it may include the cost of unconsumed material and uncertified work)Add/(less) recognized profits/losses Less progress billings
3.contract A/C asked by the examiner is the W.I.P A/C
i m just asking these to confirm what i have concluded from construction contract.... i might be at mistake ..so plz correct me if there is any
