Accounting




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General Accounting Discussions: Work in progress

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    • CommentAuthorgacsaj68
    • CommentTimeSep 4th 2007
     
    How will be entries of a company which is under taking small projects. Pls correct if I am wrong.
    Open an account 'work-in-progress' under debtors. Or is it under Inventory?. Expenses will be debited to W-I-P account. If advance amount received will be credited in this a/c. But how to close this account after finishing this project.

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