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This part of the question should be answered independently of Part I Further details of the construction expenditures incurred by Kapitaland are as follows: (a)
This part of the question should be answered independently of Part I Further details of the construction expenditures incurred by Kapitaland are as follows: (a) Apply FRS I1S Revenue from Contracts with Customers and compute the relevant contract costs for the financial years ended 31 December 201,202 and 203 for the purpose of determining the percentage of completion of the contract. State which items of expenditure are to be excluded and explain why they are excluded. (12 marks) (b) Assume that all the relevant expenditures had been paid and fixed assets had been depreciated as at the financial year end, prepare the necessary journal entries to record the contract costs for the financial year ended 31 December 202
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