Question
On January 1, 2014, X signed contract to build a bridge at a price of Tk. 30,00,000. As the client was very happy to see
On January 1, 2014, X signed contract to build a bridge at a price of Tk. 30,00,000. As the client was very happy to see the finished building, they have allowed Tk.50,000 as bonus, in addition to the settled contract price. The following information pertains to the construction period.
2014 2015
Costs incurred to date $8,88,000 $24.88,000
Estimated costs to complete $15,12,000 0
Progress billing to date $850,000 $30,50,000
Collections to date $800,000 $30,50,000
Instructions: prepare all necessary journal entries and partial balance sheet for 2014 - 2015 in your script.
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