Rex contracting Ltd has a fixed price contract to build a bridge. The initial amount of revenue agree is Rs $320$M$.$ At the start of the contract on $1$ Jan $2020$ the initial estimate of the contract costs if Rs$300$M$.$ At the end of $2020$ the estimate of the total costs has risen to Rs $302$M$.$ During $2021$ the customer agrees to a variation which increases expected revenue from the contract by Rs $5$M and causes additional costs of Rs$3$M$.$ At the end of $2021,$ there are materials stored on the site for use during the following period which cost Rs $2\mathrm{.}5$M$.$ Rex contracting Ltd have decided to determine the stage of completion of the contract by calculating the proportion that contract costs incurred for work to date bear to the latest estimated total contract costs. The contract costs incurred at the end of each year were as follows:

$2020$: Rs$152\mathrm{.}52$M

$2021$: Rs $254\mathrm{.}2$M $($including materials in store$)$

$2022$: Rs $305$M

Question $1$:

Compute the stage of completion for each year of the contract and show how revenues, costs and profits will be recognised in each year $(2020,2021,2022)$ according to provisions of ifrs$15$ Revenue from contracts with customers

Question $2$:

In relation to IAS $37,$ explain your understanding of the following:

$1)$ Measurement of Provisioon

$2)$ Contingent liabilities and their accounting treatment