Bridge Builders Ltd undertook a contract to build a pedestrian footbridge for a fixed price of 400,000
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Bridge Builders Ltd undertook a contract to build a pedestrian footbridge for a fixed price of
£400,000 during the period from May Year 1 to July Year 2. This table sets out transactions up to the company’s year end in December, Year 1.
Required:
(a) Prepare relevant ledger account records.
(b) Prepare a statement of contract profit for Year 1.
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