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Previous Work in Progress to be added with current year Work in Progress. It will treated the opening entry of current assets.
It is a long term assets account work in progress account will have a debit balance and it will reported in the balance sheet. of the previous year.
In the current year:-
The cost of the assets will accumulated to the WIP (work in progress) a/c until the asset is put to use or comes into service. when the asset is completed and put to use or in service the WIP A/C will be credited for the accumulated cost of the asset and will be debitted to the appro[riate property account.
Debit the respective asset and credit the W.I.P to the extent of work completion & Capitalize it
I guess its Capital Work in Progress. Once asset is put to use....the amount spent till this date is capitalised ie added to cost of asset. The accounting entry for the same would be
Dr. Respective Fixed Asset
Cr. CWIP
I completely agree with Mr. answers Murtaza
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