(B) construction of the shopping complex commenced on 01st April 2017. The following information relates to this construction contract for the year ended 31st March 2018: MNR Construction Ltd. started to construct a shopping complex and the Rs. Material issued to the site 5,600,000 Direct wages paid 1,800,000 Material returned from the site 250,000 Plant and machinery installed (on 01st April 2017) 10,000,000 Material at site as at 31st March 2018 1.200,000 Plant and machinery are depreciated at 10% per annum on the straight-line basis. You are required to: Recognize the cost of the contract as at 31st March 2018

(B) construction of the shopping complex commenced on 01st April 2017. The following information relates to this construction contract for the year ended 31st March 2018: MNR Construction Ltd. started to construct a shopping complex and the Rs. Material issued to the site 5,600,000 Direct wages paid 1,800,000 Material returned from the site 250,000 Plant and machinery installed (on 01st April 2017) 10,000,000 Material at site as at 31st March 2018 1.200,000 Plant and machinery are depreciated at 10% per annum on the straight-line basis. You are required to: Recognize the cost of the contract as at 31st March 2018

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 26E

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