Sarita Construction Co. obtained a contract for construction of a dam. The following details are available...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Sarita Construction Co. obtained a contract for construction of a dam. The following details are available in records of company for the year ended 31st March, 2018: PIn Lakhs Total Contract Price 12,000 Work Certified 6,250 Work not certified 1,250 Estimated further cost to completion 8,750 Progress payment received 5,500 Progress payment to be received 1,500 Applying the provisions of Accounting Standard 7 "Accounting for Construction Contracts" you are required to compute: ) Profit/Loss for the year ended 31st March, 2018. (ii) Contract work in progress as at end of financial year 2017-18. Sarita Construction Co. obtained a contract for construction of a dam. The following details are available in records of company for the year ended 31st March, 2018: PIn Lakhs Total Contract Price 12,000 Work Certified 6,250 Work not certified 1,250 Estimated further cost to completion 8,750 Progress payment received 5,500 Progress payment to be received 1,500 Applying the provisions of Accounting Standard 7 "Accounting for Construction Contracts" you are required to compute: ) Profit/Loss for the year ended 31st March, 2018. (ii) Contract work in progress as at end of financial year 2017-18.
Expert Answer:
Answer rating: 100% (QA)
i Loss for the year ended 31st March 2018 Pin lakhs Amount of ... View the full answer
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Posted Date:
Students also viewed these accounting questions
-
The following details are available about a Francis turbine. Diameters are 2.25 m and 1.5 m. Widths are 0.25 m and 0.375 m. The guide blade outlet angle is 18 runner blade angle is 85. Both angles...
-
A company undertook a contract for construction of a large building complex. The construction work commenced on 1st April 1997 and the following data are available for the year ended 31st March 1998....
-
The following details are available for Gamma Ltd: Details Proposal A Proposal B Initial Cost A - Rs.10,00,000 B - Rs. 12,00,000 Expected life 4 years for A and 5 years for B Profits before tax after...
-
Explain in detail the role of data analytics in healthcare.
-
Sheryl Crow has observed that one of her copyrighted music videos has been posted on YouTube without her permission. What should Ms. Crow do? Is YouTube liable for copyright infringement?
-
A thermostat will call for heat 0, 1, or 2 times a night. Construct a tree diagram to show that there are 10 different ways that it can turn on the furnace for a total of 6 times over 4 nights.
-
The ZZZ Company is considering investing in a new machine for one of its factories. The company has two alternatives to choose from: The life span of each machine is 5 years. ZZZ sells each unit for...
-
Jill Nicholas believes there must be a better aggregate plan. She has suggested a hybrid plan, using a permanent workforce of 195 employees and subcontracting as needed. Once again, Jill has...
-
Juniper Design Limited of Manchester, England, is a company specializing in providing design services to residential developers. Last year the company had net operating income of $ 4 9 0 , 0 0 0 on...
-
Premier Consultings two consultants, Avery and Baker, can be scheduled to work for clients up to a maximum of 160 hours each over the next four weeks. A third consultant, Campbell, has some...
-
1. A receiver on a football team runs 8.0 m [E] and then turns abruptly to run 12.0 m [W]. If the entire motion takes 5.0 s, determine the receiver's: (a) total distance travelled. [2] (b) total...
-
Under what circumstances should auditors be concerned about whether designers studied an existing system during the development of a new system?
-
Why might a plaintiff want to seek a provisional remedy?
-
Briefly describe four types of acceptance testing that should be carried out before production release of a new application system. List two concerns that auditors might have about how well these...
-
Briefly describe two tasks that must be performed during the procedures development phase. How might internal auditors evaluate how well these tasks have been undertaken by designers?
-
How to obtain a lis pendens?
-
Why does Amazon need to worry about competitors in online shopping? Question 137 options: Internet technologies are universal, and therefore usable by all companies E-commerce is affected by the law o
-
What are technical skills At what level are they most important and why?
-
A businessman's profits, earned from his business over the past four years, are shown in the accompanying table. During this time, the CPI has performed as indicated. Determine the annual profit in...
-
Three mutually exclusive project alternatives are being evaluated. The estimated cash flows for each alternative are given below. The MARR is 15% per year. At the conclusion of its useful life the...
-
The Golden Gate Bridge in San Francisco was financed with construction bonds sold for $35 million in 1931. These were 40-year bonds, and the $35 million principal plus almost $39 million in interest...
-
Use of mean and standard deviation The Oyster Pearl Restaurant is popular with sea- food fanciers who like its large variety of oyster dishes. The oysters are a high-profit item but sales fluctuate...
-
Central tendency and dispersion Vixen Valve Works has been producing a new mechani- cal gas valve on two automated production lines in a pilot plant. Each production line was acquired from a...
-
Use of means and standard deviations Kosh Tour Travel Agency uses two 70-passenger buses for its organized tours. Daily revenues vary considerably on the Devil's Hole tour and appear to be much more...
Study smarter with the SolutionInn App