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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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