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contract costing

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(Querist)
11 August 2010 plant rs. 260000

used at site for 146 days

a part of it costing rs. 5500 sold at a profit of 1000

how to adjust the above in contract account???

please help
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
11 August 2010 If the plant is used for more than one contracts, it may be considered at general level not incoporating into contract account

If the plant is used only for the particular contract, the profit may be credited in to contract account
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