Contract Accounting Practical Problems and Solutions
Problem No. 1 The Contract Ledger of a company showed the following particulars in respect of Contract No. 50 which was commenced on 1st April 2019: The contract was completed by 31st March 2020 and the contract price was $2,00,000. The value of materials and plant returned to store on 31st March 2020 was $6,000 …