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Dear Sir,
Chapter 13 Example 5
Statement of Profit or Loss and Other Comprehensive Income
Year 1 Year 2 Year 3
$ $ $
Revenue recognised 300,000 350,000 550,000
Costs recognised (280,000) (510,000) (200,000)
Profit/(Loss) recognised 20,000 (160,000) 350,000How do you get the revenue amount?
The workings do not show these amount.The contract is 65% complete at the end of year 2 so there is $650,000 to recognize
But $300,000 was recognized in year 1, so there’s only $350,000 to recognize in year 2
I am absolutely certain that all of this is explained in lectures or in the course notes, or in the printed solutions
Are you 100% certain that there is absolutely no help given in any of those resources?
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