System of progress payment in contract costing
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So here is your answer
Explanation:
statement give the meaning and its relevance.
Also prepare a contract account from the following information, and show how much part
of profit will be transferred to costing P&L account.
Contract price Rs.18,00,000
Labour cost on site Rs.420,000
Materials direct to site Rs.325,000
Materials from the stores Rs.78,000
Hire and Use of Plant Rs.10,200
Direct Expenses Rs.13,300
General Overhead allocated Rs.37,000
Material at hand on 30th June, 2020 Rs.6,100
Wages Accrued on 30th June 2020 Rs.6,800
Direct expenses accrued on 30th June, 2020 Rs.1,400
Work not yet certified at cost Rs.18,500
Work Certified by Engineer Rs.10,00,000
Cash Received 80%
Hope this may help you a lot
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