A contract is completed to the extent of two-thirds. The contract account shows a loss of ₹15,000 at the end of the accounting period. If so, the amount to be transferred to profit and loss account is: (A) ₹15,000 (B) ₹1
CS Executive · Cost and Management Accounting · PYQS · December 2017
A contract is completed to the extent of two-thirds. The contract account shows a loss of ₹15,000 at the end of the accounting period. If so, the amount to be transferred to profit and loss account is: (A) ₹15,000 (B) ₹10,000 (C) 2/3rd of ₹15,000 as reduced by the percentage of cash received (D) ₹15,000 + anticipated future loss
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Contract Costing
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