Contract costing practical problems with solutions pdf

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Calculate the Value of Work-in-Progress Certified and the amount of Contract. Price. Solution: 1. Since contract is 80% complete, Profit transferred to P & L A/ Points in Contract Costing, Profit on Incomplete Contracts, Escalation Clause, Cost-plus. Contracts, Problems and Solutions, Examination Questions. Cost of work yet to be certified was INR 60000. PREPARE CONTRACT ACCOUNT AND CONTRACTEE ACCOUNT IN THE BOOKS OF AMBUJA CONSTRUCTION LTD. Solution. CONTRACT COSTING. SOLUTIONS TO ASSIGNNT PROBLEMS. Problem No.1. Contract A/c. Particulars. Amount. Particulars. Amount. To Materials A/c. 0 prepare contract account and ascertain the notional profit on Under job costing, the practical problems mostly involve the preparation of costSolution: First of all prepare the contract account and calculate the notional profit. Then using the formula used to calculate the amount to be Contract Costing Problem 3: Calculate profit on work certified, cost of work in progress at the year end from the following: (a) Materials sent to site Rs.