A construction company had a construction of a highway on 01.04.2013. The contract was to be completed in 2 years. The contract price was estimated at Rs.150 crores. Up to 31.03.2014 the company incurred Rs.120 crores on the construction. The engineers involved in the project estimated that a further 45 crores would be incurred for completing the work. What amount should be charged to revenue for the year 2013 -14 as per the provisions of Accounting Standard on Construction Contracts?
A construction company had a construction of a highway on 01.04.2013. The contract was to be completed in 2 years. The contract price was estimated at Rs.150 crores. Up to 31.03.2014 the company incurred Rs.120 crores on the construction. The engineers involved in the project estimated that a further 45 crores would be incurred for completing the work. What amount should be charged to revenue for the year 2013 -14 as per the provisions of Accounting Standard on Construction Contracts?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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A construction company had a construction of a highway on 01.04.2013. The contract was to be completed in 2 years. The contract price was estimated at Rs.150 crores. Up to 31.03.2014 the company incurred Rs.120 crores on the construction. The engineers involved in the project estimated that a further 45 crores would be incurred for completing the work.
What amount should be charged to revenue for the year 2013 -14 as per the provisions of Accounting Standard on Construction Contracts?
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