I think I got most of it done right but I got stuck later on
I think I got most of it done right but I got stuck later on in part B
Solution
(b) 2018 Cost to date $ 12,07,800 Add: Estimated cost to complete $ 7,72,200 Estimated total coat $ 19,80,000 Less: Contract price $ 18,90,000 Profit / (Loss) recognised in 2018 $ 90,000 2019 Cost Incurred $ 20,89,200 Less: Contract Price $ 18,90,000 Total Profit / (Loss) on contract $ 1,99,200 Less: Profit / (Loss) recognised in 2018 $ 90,000 Profit / (Loss) recognised in 2019 $ 1,09,200