Q.2 (a) Paragon Developers (Pvt.) Ltd signed a three years contract on 1st January 2010 with Peshawar University for the construction of multi-story academic block. The cost, billing and other information is as under: 2010 2011 2012 Total Rs.in.thousands Rs in thousands Bs.in thousands Rs.in thousands Construction Cost 57,000 63,000 80,000 200,000 Billings 50,000 80,000 100,000 230,000 Cash Collection 45,000 80,000 105,000 230,000 Estimated Completion Cost as of Dec 31 133,000 80,000 Paragon Developer (Pvt.) Ltd uses Percentage Completion Method for recognizing gross profit. 1 Required: 1. Working for calculation of profit to be recognized each year. II. Journal entries, on both the books of the contractor and employer separately il Draw up the construction in progress account and Billing Contract account and also show the final journal entry to close the accounts in 2012 (2)