Homework Answers
a and b) Statement of Profit and Loss Account
| Sr No | Particulars | A | B | C |
| 1 | Cost Incurred | 550 | 320 | 500 |
| 2 | Estimated Cost to Complete the Contract | 550 | 580 | 300 |
| 3 | Total cost For the Contract | 1100 | 900 | 800 |
| 4 | Percentage of Work Completed(1/3) | 50% | 35% | 60% |
| 5 | Contract revenue | 1000 | 1000 | 1000 |
| 6 | Revenue to be Recognized | 500 | 350 | 600 |
| 6 | Cost Incurred | 550 | 320 | 500 |
| 7 | Profit for the year | (50) | 30 | 100 |
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