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Building contractors Ltd undertake contract on 31st October, 1989 when the actual account were prepared. The position of contract No. 101 which was commenced on...

      

Building contractors Ltd undertake contract on 31st October, 1989 when the actual account were prepared. The position of contract No. 101 which was commenced on 1st January, 1989, was as under:
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Prepare contract No. 101 account after taking credit for profit which you think reasonable.

  

Answers


Wilfred
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If the contract is almost complete, the profit is ascertained as follows: Profit = Estimated profit on completed contract X (Cash received÷Work certified)
Wilfykil answered the question on April 16, 2019 at 05:37


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