Contract account questions and answers pdf

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Contract Costing Problem 1: From the following particulars relating to a contract, prepare (a) the Contract Account, (b) Contractee's Account and (c) relevant Solved mcqs for Contract Costing, downlod pdf for Contract Costing set-1 solved mcqs in downlod section.Solution: First of all prepare the contract account and calculate the notional profit. Then using the formula used to calculate the amount to be Short Note : Escalation Clause. : In case of fixed price contracts, the contractor is likely to b put to disadvantage on account of subsequent rise in price of CONTRACT COSTING. SOLUTIONS TO ASSIGNNT PROBLEMS. Problem No.1. Contract A/c. Particulars. Amount. Particulars. Amount. To Materials A/c. Contract account is a nominal account and its main purpose is to FOR THEORY. Question 1. Write notes on Escalation Clause. Answer. Contract Costing: Contract or Terminal Costing involves ascertainment of costs Solution: Note: In this Question, Cost of Work Uncertified is not given.