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Former Member
May 08, 2008 at 04:54 AM

CWIP scrapping


Dear experts,

Please let me know what is the correct procedure to scrap an asset which is not yet capitalised. It is lying in CWIP.

One way would be to reverse the settlement, then reverse 105 etc. But this option can not be used since the settlement to CWIP took place in the last FY and the client wants reversal in the current FY which is not possible.

Generally, how CWIP is scrapped?Any input will be highly appreciated.

Thanks in adv,