Page 174 - FR Integrated Workbook 2018-19
P. 174
Chapter 12
Example 4 cont.
Workings
(W1) Contract profit
$m $m
Contract price 30
Costs to date 14
Costs to complete 7
——
(21)
——
Contract profit 9
——
(W2) Stage of completion
Cost basis: cost to date/total cost 14/21 66.7%
(W3) Contract asset $m
Cost to date 14
Profit to date 6
Received from customer (12)
——
8
——
168
