Aristo plc constructs up$-$market houses for wealthy clients. The projects generally take a number of years to complete and hence the rules of IAS $11$ apply.

The company has three contracts in progress at its financial year end, $30$ June $2014$:

Project Duke:

This contract commenced during the financial year. The total contract price is $4,000$k and Aristo plc estimate that the total contract costs will be $3,000$k$.$ At financial year$-$end costs incurred to date are $2,500$k and Aristo plc have invoiced to the client $2,500$k$.$

Aristo plc estimates that the contract is $50\%$ complete at the financial year end.

Project Lord:

This contract commenced at the beginning of the financial year. When the contract was signed it was expected to be profitable. However, due to various technical issues the contract is now expected to make a loss. Total contract price is $8,000$k and total estimated costs are now $10,000$k$.$ At financial year end costs incurred to date are $5,000$k and Aristo plc have invoiced the client $6,000$k$.$

Aristo plc estimates that the contract is $60\%$ complete at the year end.

Project Earl:

This contract commenced in the previous financial year and is expected to last at least another year. The total contract price is $12,000$k and total estimated contract costs are $9,000$k at $30$ June $2014.$ At this point Aristo plc had invoiced the client a total of $8,000$k and incurred cumulative costs of $6,000$k$.$

In the previous financial year ended $30$ June $2013$ Aristo plc had recognised revenue of $2,400$k and cost of sales of $2,100$k in respect of this contract.

Aristo plc estimates that the contract is $70\%$ complete at the year end.

REQUIRED:

Prepare extracts for the statement of profit or loss and the statement of financial position to show how the three contracts would be reported in accordance with IAS $11$: Construction Contracts.

$($Adopt an appropriate layout and show your workings in full.$)$