Accountancy, asked by anindo615, 11 months ago

Different methods of calculating profit on incomplete contracts and give examples

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Answered by Anonymous
3

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Profit on Incomplete Contracts. At the end of an accounting period it may be found that certain contracts have been completed while others are still in process and will be completed in the coming years. The total profit made on completed contracts may be safely taken to the credit of Profit and Loss Account.

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