Sarita Construction Co. obtained a contract for construction of a dam. The following details are available...
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Sarita Construction Co. obtained a contract for construction of a dam. The following details are available in records of company for the year ended 31st March, 2018: PIn Lakhs Total Contract Price 12,000 Work Certified 6,250 Work not certified 1,250 Estimated further cost to completion 8,750 Progress payment received 5,500 Progress payment to be received 1,500 Applying the provisions of Accounting Standard 7 "Accounting for Construction Contracts" you are required to compute: ) Profit/Loss for the year ended 31st March, 2018. (ii) Contract work in progress as at end of financial year 2017-18. Sarita Construction Co. obtained a contract for construction of a dam. The following details are available in records of company for the year ended 31st March, 2018: PIn Lakhs Total Contract Price 12,000 Work Certified 6,250 Work not certified 1,250 Estimated further cost to completion 8,750 Progress payment received 5,500 Progress payment to be received 1,500 Applying the provisions of Accounting Standard 7 "Accounting for Construction Contracts" you are required to compute: ) Profit/Loss for the year ended 31st March, 2018. (ii) Contract work in progress as at end of financial year 2017-18.
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i Loss for the year ended 31st March 2018 Pin lakhs Amount of ... View the full answer
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Posted Date:
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