The following are the information taken from the cost records of a contract which was 90% completed : ₹ Total expenditure to date 20,50,000 Contract Price 32,00,000 Work certified 27,00,000 Work uncertified 1,80,000 Cash
CS Executive · Cost and Management Accounting · PYQS · December 2017
The following are the information taken from the cost records of a contract which was 90% completed : ₹ Total expenditure to date 20,50,000 Contract Price 32,00,000 Work certified 27,00,000 Work uncertified 1,80,000 Cash received 22,50,000 Estimated future expenditure to complete the contract 1,50,000 The estimated profit is: (A) ₹2,00,000 (B) ₹10,00,000 (C) ₹11,50,000 (D) ₹50,000
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Contract Costing
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