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Q.3 (a) City Developers (Pvt.) Ltd signed a three years contract on 19 January 2013 with Peshawar University for the construction of multi-story academic block. The cost, billing and other information is as under: 2013 2014 2015 Total Rs in thousands Rs in thousands Rs in thousands Rs in thousands Construction Cost 60,000 65,000 75,000 200,000 Billings 55,000 75,000 100,000 230,000 Cash Collection 50,000 70,000 110,000 230,000 Estimated Completion Cost as Of Dec 31 130,000 75,000 City Developer (Pvt.) Ltd uses Percentage Completion Method for recognizing gross profit. Required: 1. Working for calculation of profit to be recognized each year. fi. Journal entries, on the books of the contractor only (Journal entries on the books of employer are not required) (4) ill. Draw up the construction in progress account and Billing Contract account and also show the final journal entry to close the accounts in 2015. (3) (b) Chaudhary Construction Company (Pvt.) Ltd signed a three years contract on 1 January 2010 with a (3)