M/s Raju Constructions Ltd. Has undertaken a contract for the construction of a bridge for Rs. One crore and it commenced the work on 1st July 2016. The following information relating to the contract is given for the year ended 30 June 2017. Rs. Rs. 26,88,000 Materials at site on 30.6.2017 27,20,000 Wages outstanding 30.6.2017 32,000 22,400 9,600 Material Issued Wages Paid Plant purchased (1.7.2016)| 4,80,000 Direct Expenses O/S on 30.6.2017 General overheads Direct expenses 80% of work certified is received in cash life of plant purchased is 5 years and scrap value at the end of the fifth year is 30,000. Prepare contract account for the year ending 30-06-2017, showing the portion of the profit which might reasonably be taken to the P & L A/c, prepare Contract Account. 2,56,000 Costs of work done but not certified 1,12,000 64,000 Value of work certified 60,00,000

M/s Raju Constructions Ltd. Has undertaken a contract for the construction of a bridge for Rs. One crore and it commenced the work on 1st July 2016. The following information relating to the contract is given for the year ended 30 June 2017. Rs. Rs. 26,88,000 Materials at site on 30.6.2017 27,20,000 Wages outstanding 30.6.2017 32,000 22,400 9,600 Material Issued Wages Paid Plant purchased (1.7.2016)| 4,80,000 Direct Expenses O/S on 30.6.2017 General overheads Direct expenses 80% of work certified is received in cash life of plant purchased is 5 years and scrap value at the end of the fifth year is 30,000. Prepare contract account for the year ending 30-06-2017, showing the portion of the profit which might reasonably be taken to the P & L A/c, prepare Contract Account. 2,56,000 Costs of work done but not certified 1,12,000 64,000 Value of work certified 60,00,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

1. A check involves three parties. The person directed to receive the money is called the a.endorser. b.payee. c.drawer. d.drawee. 2. The time an asset is expected to last is called its a.fiscal period. b.depreciation. c.useful life. d.net loss value. 3. In reconciling a bank statement, the bank statement balance is $1,000 and the balance per books is $1,205. A bank service charge is $5; a deposit in transit totals $500; and outstanding checks total $300. The journal entry for a bank service charge would include a.debiting Cash and crediting Miscellaneous Expense. b.debiting Miscellaneous Expense and crediting Cash. c.debiting Cash and crediting Owner's Capital. d.debiting Accounts Payable and crediting Cash. 4. The journal entry to close revenue accounts includes a.debiting the revenue accounts and crediting the drawing account. b.debiting the revenue accounts and crediting Cash. c.debiting the revenue accounts and crediting Income Summary. d.debiting Income Summary…
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Why do some people say that MIRR should stand for Meaningless Internal Rate of Return?
Hh1.
Make sure to calculate the NPV correctly! The previous answer was wrong!
Explain the last chance clear rule.
It says they answers are wrong from your example.