Is the accumulated cost of construction work in progress recorded as an asset anywhere within the...

Is the accumulated cost of construction work in progress recorded as an asset anywhere within the financial statements or notes? Which fund, or funds, account for cash received, or receivables created, from sales of general capital assets? Are the proceeds of sales of general capital assets reported as an other financing source or as revenue.

Expert Solution

Yes Accumulating cost of construction is recorded in Non current asset under head WIP.

Sale of asset will debit bank or receivable and will credit the block of asset sold.

No the sale of asset is including in the investment activity. And only the profit can be shown as revenue not the whole proceeds.

ekkarill92 answered 2 years ago

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Is the accumulated cost of construction work in progress recorded as an asset anywhere within the...

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