The data below is extracted from the books of Doreen Enterprises distributors of Ladies wear for the period ending 31st December 2019. From the data below: You are required to calculate her working capital requirement for the period ended 31st December 2019 Current Assets & Current Liabilities GH¢ Stocks 50,000 Creditors 70,000 Debtors 100,000 Cash 25,000 Taxation 20,000 Dividend Payable 10,000 Prepayments 5,000 Short Term Loans 30,000

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A:

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A:

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.