Shine Info Limited is engaged in software development business. It received a contract for developing and implementing
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Shine Info Limited is engaged in software development business. It received a contract for developing and implementing software for credit risk management for a leading bank on 1st January 2016. The contact consideration was fixed at ₹130 million. The work was completed on 15th February 2018 with the following details:
The company uses the percentage of completion method for recording revenue. The stage of completion of project is determined by the proportion that contracts costs incurred for work performed upto the balance sheet date bear to the estimated total contract costs. Show the revenue, cost and profit to be recorded from this contract in the financial year 2016, 2017 and 2018, respectively.
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Financial Year 2016 130 Percentage of Completion 200 ...View the full answer
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