Question: MNR Construction Ltd. started to construct a shopping complex and the construction of the shopping complex commenced on 01st April 2017. The following information

MNR Construction Ltd. started to construct a shopping complex and the construction

MNR Construction Ltd. started to construct a shopping complex and the construction of the shopping complex commenced on 01st April 2017. The following information relates to this construction contract for the year ended 31st March 2018: Rs. Material issued to the site 5,600,000 Direct wages paid 1,800,000 Material returned from the site 250,000 Plant and machinery installed (on 01st April 2017) 10,000,000 Material at site as at 31st March 2018 1,200,000 Plant and machinery are depreciated at 10% per annum on the straight-line basis. You are required to: Recognize the cost of the contract as at 31st March 2018

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