Following information is given for a contract: Estimated profit on completion of contract ₹2,20,000 Contract price ₹10,00,000 Cash received being 80% of work certified ₹6,40,000 The amount of profit to be credited to sta
CS Executive · Cost and Management Accounting · PYQS · December 2016
Following information is given for a contract: Estimated profit on completion of contract ₹2,20,000 Contract price ₹10,00,000 Cash received being 80% of work certified ₹6,40,000 The amount of profit to be credited to statement of profit and loss will be —
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B), (C). Official source note: Two options (B & C) are found to be correct. Note : The inconsistency or ambiguity in the Question(s), if any, is/are taken care of while evaluating the answer sheets.
Topics: Cost Accounting
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