Reference no: EM133100971

Question - SKANSKA Corporation has another joint-venture construction company BKANSMA commenced a work on fixed price contract of RM540,000,000 in 2019. As at 31 December 2019, BKANSMA had an accumulated contract costs of RM230,000,000 of which RM40,200,000 represented materials that set aside for future work and RM800,000 payment in advance to subcontractors. Further cost to complete were estimated at RM261,000,000. Progress billings totaled RM120,000,000 and these were fully paid by customer at year-end. At the end of year 2019, the value of work certified by an independent architect was RM219,000.000. The company applied stage of completion method measured by contract cost incurred to date. Prepare a partial statement of profit and loss and financial position for BKANSMA for this contract as at the end of year 2019. (All workings are required)