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Calculate for each contract the amount of profit

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Reference no: EM132592133

MACTAR has a series of contracts to resurface sections of motorways. The scale of the contract means several years' work and each motorway section is regarded as a separate contract.

                                        Contract A                  Contract B                      Contract C

                                          RM'000                          RM'000                          RM'000

Contract price                    3,000                     2,000                       2,500

Costs to date                    2,100                        300                        2,300

Estimated costs to complete 300                        1,100                          800

Progress billing                    1,750                         100                         100

Payments received to date      1,500                         -                          750

Certified value of sections

completed to date                     -                          -                          50%

Contract C has had major difficulties due to difficult terrain, and the contract only allows for a 10% increase in contract price (variations) for such events.

Required:

Question 1: From the information above, calculate for each contract the amount of profit (or loss) you would show for the year and show how these contracts would appear in the statement of financial position with all appropriate notes.

Reference no: EM132592133

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