Question

The following figures are available at the end of a financial year relating to a contract.
Total cost of work done to date 1,10,350
Cost of work uncertified 8,300
Contract Price 5,80,000
Value of Work Certified 1,40,000
Determine the amount of Profit to be taken to Profit and Loss Account​

Answer 1

it is a gain

S.P. = 132700

C.P.= 46950

gain = C.P.- S.P.

= 85750