Prepare extracts from the statement of profit or loss

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Question - Bellamy has a three-year contract which commenced on 1 January 2020. As at 31 December 2020 Bellamy extracted the following balances from its ledger relating to the contract:

 

RM'000

RM'000

Total contract value

140,000

 

Cost incurred up to 31 December 2019:

 

 

Attributable to work completed

52,000

 

Inventory purchased for use in future years

8,000

60,000

Progress billing to date

 

45,000

Cash received

 

26,500

Other information:

 

 

Expected further costs to completion

 

48,000

As at 31 December 2020, the contract was certified as 40% complete.

Required - Prepare extracts from the statement of profit or loss and statement of financial position for the year- ended 31 December 2020.

Reference no: EM133093599

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