Work-in-progress

In Contract Accounts, the value of the work-in-progress consists of (i)
the cost of work completed, both certified and uncertified; (ii) the cost of work not yet
completed; and (iii) the amount of profit taken as credit. In the Balance Sheet, the work-inprogress
is usually shown under two heads, viz., certified and uncertified. The cost of
work completed and certified and the profit credited will appear under the head ‘certified’
work-in-progress, while the completed work not yet certified and the cost of labour,
material and expenses of work which has not yet reached the stage of completion are
shown under the head “uncertified” work-in-progress.