Yaman Construction Company has received the tender for the construction of a shopping center. Undertaken in 2018 the cost of this work is 900.000 TL and initially the cost is 750.000 TL. Information about the three-year construction is as follows.

                                                                     2018                2019               2020

Annual Actual Cost                               240,000 TL        435,000 TL     75,000 TL

Cumulative Cost Realized                    240,000 TL        675.000 TL   750,000 TL

Remaining Estimated Completion Cost                        360,000 TL          75,000 -

Issued Rights Invoices                         120,000 TL         350,000 TL        430,000 TL

Amount collected                                105.500 TL          347,000 TL          340,000 TL

Requested:

a) The rate at which the daily ledger (general) records to be made in 2019 are completed in relation to the construction in question  according to the method. Organize the relevant sections of the Profit or Loss Statement and the Balance Sheet.

b) Cost recovery of logbook (general) records to be made in 2019 in relation to the construction in question according to the method. Organize the relevant sections of the Profit or Loss Statement and the Balance Sheet.

c) Make the journal ledger (general) records to be made in 2019 according to the completed commitment method. 2019 prepare the Profit or Loss Statement for the year and the Balance Sheets dated 31.12.2019.

Answer rating: 100% (QA)

a Profit and Loss Statement Construction revenue 750000 TL Less Cost of goods sold Actual cost 43500... View the full answer