Q: 15
CORRECT TEXT
CD commenced a construction contract on 1 April 20X9. The contract value was agreed at $100,000.
CD had incurred $40,000 costs to date and estimated costs to completion were $50,000. At the year
ended 31 December 20X9 this contract was estimated to be 60% complete. CD adopted the
provisions of IAS 11 Construction Contracts when preparing its financial statements for the year to 31
December 20X9.
What value should be included in CD's profit for the year ended 31 December 20X9 in respect of this
contract?
Give your answer to the nearest whole number.
$ ?
Your Answer
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