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Sir, supposing total contract price is 100,000; costs incurred to date is 60,000 and estimated future costs are 30,000. Assuming that the contract is 50% complete.
The costs incurred to date is higher than the revenue which will be recognised. So will we show a loss of 10,000 (Since the costs incurred to date are higher than the revenue recognised) or show a profit of 5,000 (Using 60% of total cost and total contract price?
Thanks
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