Government Department for the construction of four stories office building. The cost, billing and other information is
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Question:
Government Department for the construction of four stories office building. The cost, billing and other information is as under:
2010 | 2011 | 2012 | Total | |
Rs in thousands | Rs in thousands | Rs in thousands | Rs in thousands | |
Construction Cost | 52,000 | 48,000 | 70,000 | 170,000 |
Billings | 45,000 | 55,000 | 90,000 | 190,000 |
Cash Collection | 40,000 | 58,000 | 92,000 | 190,000 |
Required:
i. Journal entries to record the above transaction using completed contract method. Also draw partial balance sheet of Faisal Construction Co. to show the balances of construction cost and billing.
ii. Journal entries to record transactions in the employer’s books.
iii. Draw up the construction in progress account and Billing Contract account and also show the final journal entry to close the accounts in 2012.
Related Book For
An introduction to management science quantitative approaches to decision making
ISBN: 978-1111532222
13th edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
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