As7
Pankaj kumar (Student) (160 Points)
23 December 2014
pls help me to provide a short summary of as 7
dilip Kumar
(SR.Account manager)
(21 Points)
Replied 26 December 2014
First- Revenu recognisations
Second -Profit and loss
third-Provision for loss
First.Revenu reconisations:
revenu Reconisations will be based on Completions of works
Complitions of works =Cost incured /cost incured +estimated cost
Example :
Contract cot =2500000
cost incured =1000000
estimated to be incured =1700000
Complitions %=1000000/1000000+1700000=37%
Profit and loss account:
Revenue (2500000*37%)=9250000
Less: cost incured =1700000
provision for loss=1319595
total loss=2094555
Calcolations of provision for loss:
=775000**63/.37
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