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4: 14 On January 1, 2018, X Limited signed contract to construct a bridge at a price of Tk. 25,00,000. At the end of the
4: 14 On January 1, 2018, X Limited signed contract to construct a bridge at a price of Tk. 25,00,000. At the end of the construction, because of a minor construction defect, the client has decided to deduct Tk. 25,000 according to a clause of the contract. The following information pertains to the construction period. Costs incurred to date 2018 Tk. 6,00,000 2019 Tk. 15,60,000 2020 Tk. 21,00,000 Estimated costs yet to be incurred 14,00,000 3,90,000 0 Customer billings to date 5,00,000 15,00,000 24,75,000 Collection of billing to date 4,00,000 13,00,000 24,50,000 Instructions: Prepare necessary journal entries for 2018 - 2020 and partial balance sheet (only for 2018)
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