You are the Financial Controller of DRY Limited a firm of building contractors. The following details relate to three incomplete contracts in-the company’s books at 30 June 20X2:

Additional Information 1. The cost of work to 30 June 20X2 has been determined after crediting unused materials and the written down value of plant in use.
2. Each contract provides for penalty payments for delays in completion at the following weekly rates:

3. Due to an unofficial strike of bricklayers at the Contract No. 3 site, it is estimated that the completion date of this contract will be four weeks later than anticipated.
4. It has been decided that attributable profit is to be recognized on a basis of costs incurred to date as a proportion of total estimated costs.
Requirement You are required to show the information which would appear in the statement of comprehensive income and statement of financial position in the accounts for the year ended 30 June 20X2.

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Contract Contract No. 1 No. 2 '000 '000 Contract No. 3 '000 Cost of work to 30 June 205 385 150 20X2 as certified (note 2) Value of work to 30 June 241 425 140 20X2 as certified Progress billings invoiced to 200 400 125 30 June 20X2 Progress billings received by 190 380 120 30 June 20X2 Estimated costs to completion 135 470 700 Fixed contract price 400 935 850 Starting date 1 July 20X1 1 July 20X1 1 October XI Agreed completion date 31 December X2 30 June X3 30 June X3