Muscle Power Builder Limited is engaged in the construction business. It follows proportionate completion method for booking
Question:
Muscle Power Builder Limited is engaged in the construction business. It follows proportionate completion method for booking revenue and accordingly revenue is booked according to the stage of completion. The details of the payments received from customer and the revenue booked based upon proportionate completion method in respect of two of its projects for the year 2016–17 are given as follows:
In respect of Project XX, though the revenue has been booked for ₹ 120 million invoice has been raised only for ₹ 110 million.
How will the above transaction appear in the balance sheet of the company as on 31st March 2017?
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Based on the information provided the transaction for Project X will appear as follows in the balanc...View the full answer
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Somshukla Chakraborty
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