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How two contracts should be presented in turner sister

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Reference no: EM132613659

Turner Sisters entered into contract with two Customers on 1 January 2019. Then following information relates to these two contracts.

                                                          contract A(£)                       Contract B (£)

Total contract price                            40,000                         40,000

Costs incurred to date                         12,000                          12,000

Expected future costs                          18,000                             18,000

Cumulative progress billings invoiced          10,000                           10,000

Cumulative progress billings received           8,000                           8,000

Question 1: Only contract A's performance obligation is satisfied over time. Show how two contracts should be presented in Turner Sister's financial statements for 2019.

Reference no: EM132613659

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