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Former Member
Feb 08, 2008 at 10:43 AM

WIP Settlement

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Hi,

I have a query regarding WIP Settlement accounting entries. During period end when we settle a WIP, the accounting entry is WIP (Balance Sheet) Dr to WIP (P&L) Cr.

Now when we close the period after seettlement, are the entries reversed ?

Please help me with this understanding.

Thanks in Advance,

Safi