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Hello sir,
I have a question regarding construction contracts. The question is extracted from BPP study text and is in the following link.https://s1166.photobucket.com/user/takamori/media/1_zps8fa04bb4.jpg.html?sort=3&o=0
The costs incurred, recognised losses & progress billings are pretty much self-explained but how do we derive the figure of $2,000 (Year 2) and $2,500 (Year 3) for the recognised profits? Are the profits cumulative figures from Year 1 to Year 3?
Thank you.
From the link you’ve given me, I don’t see the amounts $2,000 in year 2 nor $2,500 in year 3
Check out the opentuition notes – I think from memory it’s example 5 in the construction contract chapter
Check the figures that concern you in years 2 and 3 in the BPP exercise and post again telling me where I can find these amounts of $2,000 and $2,500
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