Q1. the cost incuures upto 31.03.2001 was as under:
In Lakhs (Rs.)
D.Material 280
D.Labour 100
OH 60
erection cost to date 110
the contract price is 11 crore and cash received is 6 crore. a technical estimates of the contract indicate the following degree of completion of work:
D. material 70%
D.Labour and OH 60%
Erection 40%
you are required to etimate the profit that could be taken to profit and loss a/c against this partly completed contract as at 31.03.2001
please help!!!!!!!!!!!
CAclubindia
