Expert Builders Limited is involved in three different construction contracts at 31 December 200W:

This company determines stage of completion by reference to value of work certified as a proportion of total contract revenue.
Requirement Show how the above contracts would be included in the financial statements and notes of Expert Builders Limited for the year ended 31 December 200W.

Transcribed Image Text:

Contracts Contract price Cost incurred to date 60%. 10% Less 2 3 4,000,000 2,000,000 900,000 2,560,000 450,000 100,000 Estimated cost to complete 640,000 1,350,000 850,000 Value of work certified 2,400,000 200,000 90,000 Progress billings to 31 December 200W Cash receipts to 31 December 200W 2,200,000 200,000 80,000 2,000,000 180,000 70,000