From the information given below. calculate the profit that can be credited to profit and loss account.
Notional profit Rs. 79,000
Cash Rs. 3,30,000
Work certified Rs. 4,00,000
Contract price Rs. 6,00,000
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A/c is computed as follows: Notional Profit x 2/3 x Cash Received/ Work Certified. = 2,00,000 x 2/3 x 90% = Rs. 1, 20,000.
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