Haziq Sdn Bhd is an entity engages in construction business and prepares its financial accounts on...
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Haziq Sdn Bhd is an entity engages in construction business and prepares its financial accounts on 31 December every year. In the current year ended 31 December 2017 the company started two different contracts (Sinar Apartment and Townhouse) expected to take more than one year. Following are the extracts relating to each contract: Contract Total contract price Estimated total cost of contract at 1 January 2017 Estimated total cost Agreed work completed Progress billings invoiced Costs incurred to date Payment Received Sinar Apartment RM'000 11,000 8,000 8,000 6,600 6,000 7,800 5,000 Townhouse RM'000 2,400 1,800 2,500 1,680 1,760 1,440 1,700 The entity calculates the percentage of completion as the agreed value of work completed to date, to the total contract price. Required to prepare: 1. The Sinar Apartment's financial statements for the year ended 31 December 2017. (14 marks) ii. Prepare the Townhouse's financial statements for the year ended 31 December 2017. (16 marks) Haziq Sdn Bhd is an entity engages in construction business and prepares its financial accounts on 31 December every year. In the current year ended 31 December 2017 the company started two different contracts (Sinar Apartment and Townhouse) expected to take more than one year. Following are the extracts relating to each contract: Contract Total contract price Estimated total cost of contract at 1 January 2017 Estimated total cost Agreed work completed Progress billings invoiced Costs incurred to date Payment Received Sinar Apartment RM'000 11,000 8,000 8,000 6,600 6,000 7,800 5,000 Townhouse RM'000 2,400 1,800 2,500 1,680 1,760 1,440 1,700 The entity calculates the percentage of completion as the agreed value of work completed to date, to the total contract price. Required to prepare: 1. The Sinar Apartment's financial statements for the year ended 31 December 2017. (14 marks) ii. Prepare the Townhouse's financial statements for the year ended 31 December 2017. (16 marks)
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Here are the financial statements for the Sinar Apartment and Townhouse contracts for the year ended ... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
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