The following expenses were incurred on a contract that was still unfinished on 31 December 2009:
|
Materials |
1,50,000 |
|
Wages |
1,30,000 |
|
Other expenses |
95,000 |
Rs. 7,50,000 was received from the contractee being 75%of work certified. Work uncertified was Rs. 37,500. You are required to calculate the profit to be credited to P&L A/c:
- If the contract price was Rs. 20,00,000
- If the contract price was Rs. 30,00,000
- If the contract price was Rs. 50,00,000