Mathematics · Contract Costing
A contractor undertook a contract for ₹10,00,000. The following information is available at the end of the first year: Cost incurred to date = ₹6,00,000 Work certified = ₹7,50,000 Cash received = 80% of work certified What amount of profit should be recognized and transferred to the Profit & Loss Account under traditional contract costing rules, given the contract is 75% complete?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1₹80,000✓
- 2₹90,000
- 3₹1,00,000
- 4₹1,20,000
Correct answer
₹80,000
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