[jthoni]

I would like to know about work in progress accounting in the accounting programme tally.
Work in progress will debited under assets account and where should be the credit? Under which account head? Whether it is under purchase a/c or income a/c ? And next period how will be the transaction whether it is just reversing the transaction only?
Please explain detailed.

[morgaine300]

There are three different things that go into the Work in Process, so there isn't just "one" credit. There isn't a credit "for an account" - there's a debit and a credit for a transaction that goes as a set. That means that you debit things going into that account, and some other account get a credit, but it depends on what the entire transaction is, so there isn't some "one rule" about what that credit must be.

You need to get a better concept of how journal entries work.

"Detailed" would require a lot more explanation than what we can do in a forum post. Cost accounting is far too detailed and complicated to try to cover any one topic in detail. Yup, I can tell you what those 3 things are that go in there (direct material, direct labor, and overhead), but it's better that you get a good feel for the entire manufacturing flow of accounts. I can give you a link to the subject:
Principles of Accounting Chapter 19

I also don't see where the next period is related. There isn't any typical reversing entry related to this account, so I don't know what you're trying to refer to.