A company commenced work on the construction of a significant asset for one of its customers on 1 May 20X5. Construction is scheduled to run for two years and the total contract price is $5m. At 31 December 20X5, the following details are obtained in relation to the contract: - The percentage complete was 50%. - Amounts invoiced to the customer totalled $1.7m. - Amounts received from the customer totalled $0.8m. What is the total amount that should be included in the statement of financial position as at 31 December 20X5 as a contract asset?

On 1 November 20X4, Delta Co purchased items of inventory on credit from a foreign supplier for P50,000 (pesa). Delta Co's functional currency is the dollar ($). As of 31 December 20X4 (year-end), the inventory was still held and the payment was unsettled. Exchange rates: 1 November 20X4: $1.25 to P131 December 20X4: $1.30 to P1 What amounts should be recognised in Delta Co's financial statements for the year ended 31 December 20X4 for inventory and exchange differences?

The opening balance of Profit and Loss Account was ₹7,500, dividend paid was ₹1,500, and the closing balance of Profit and Loss Account was ₹5,000. Net income or Net loss was: