Buildwell Ltd commenced business on 1 April 2012 as building contractors. The following details relate to three contracts in progress at the company's year end of 31 March 2013:

The company uses the stage of completion method to estimate revenues and expenses. Stage of completion is based upon surveys of works performed by the contractees' architects. Buildwell Ltd can estimate the outcome of a contract reliably only when it is at least \(40 \%\) complete.
\section*{Required}
Prepare extracts from the statement of comprehensive income and statement of financial position for the year ended 31 March 2013.
\section*{Level II}

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Contract name Costs incurred to date Station Road Park Terrace Castle Way 30,470 27,280 13,640 Value of work certified by Contractees' architects 38,250 22,015 14,300 Progress billings invoiced 33,000 17,600 11,000 Progress billings received 27,500 17,600 11,000 Estimate of: Final cost including future costs of rectification and guarantee work 33,000 38,500 66,000 Final contract price 42,500 31,450 89,375