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Question
Match the Pairs :
| Column 'A' | Column 'B' |
| (1) Plant Lost or Damaged | (a) `2/3 xx"Notional Profit"xx"Cash Received"/"Work Certified"` |
| (2) Plant Purchased | (b) No profit should be taken into Account |
| (3) Work Certified >`1/2` of Contract Price | (c) Credited to Contract Account |
| (4) Work Uncertified | (d) Debited to Contract Account |
| (5) Contract Less than 25% Complete | (e) Valued at Cost |
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Solution
| Column 'A' | Column 'B' |
| (1) Plant Lost or Damaged | (c) Credited to Contract Account |
| (2) Plant Purchased | (d) Debited to Contract Account |
| (3) Work Certified >`1/2` of Contract Price | (a) `2/3 xx"Notional Profit"xx"Cash Received"/"Work Certified"` |
| (4) Work Uncertified | (e) Valued at Cost |
| (5) Contract Less than 25% Complete | (b) No profit should be taken into Account |
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Contract Costing
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