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    Mar 1, 2013, 01:04 AM
    Help calculate completion of % contract
    C limited is a firm of building contractors, the information provided relates to their uncompleted
    contracts on 31 December 2010.
    Contract A B C D
    Date contract commenced 1/1/2010 1/2/2010 1/1/2010 1/10/2010
    Expected completion date 30/4/2011 30/3/2011 31/1/2011 31/3/2012
    Cost of work to Dec 2010 159,000 57,000 15,000 4,000
    Estimated further cost 36,000 15,000 2,000 62,000
    Value of work certified to Dec 2010 200,000 50,000 18,000 0
    Contract price 260,000 65,000 21,000 75,000
    Progress payment received at 31/12/2010 175,000 40,000 0 0
    Required
    Assuming they use the % of completion method, prepare a statement of information in respect of
    the 4 contracts which appear in the statement of financial position of C limited as at 31/12/2010.

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