92. A contract is completed to the extent of two-third. It shows a loss of ₹1,20,000 at the end of the accounting period and cash received being 80% of work certified. Then, the amount of loss to be transferred to profit

CS Executive · Cost and Management Accounting · PYQS · June 2021
92. A contract is completed to the extent of two-third. It shows a loss of ₹1,20,000 at the end of the accounting period and cash received being 80% of work certified. Then, the amount of loss to be transferred to profit and loss account is:
(A) ₹1,20,000
(B) ₹80,000
(C) ₹64,000
(D) ₹96,000

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Contract Costing

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