In a contract for a consideration of ₹50 lakh commenced on 1-4-2017, cash received on 31-3-2018 was 18 lakhs (90% of work certified). Work completed but not certified was one lakh. If notional profit calculated as on 31-
CS Executive · Cost and Management Accounting · PYQS · December 2020
In a contract for a consideration of ₹50 lakh commenced on 1-4-2017, cash received on 31-3-2018 was 18 lakhs (90% of work certified). Work completed but not certified was one lakh. If notional profit calculated as on 31-3-2018 was ₹2,43,000, the amount of work-in-progress shown in the balance sheet prepared as on that date shall be :
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Contract Costing
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