<p class=”MsoNormal”>IFRS-15</p>
<p style=”text-align: justify;”>Godwin Contract Company secured a contract worth CU2.00 million from the State Government at the beginning of the year. The project anticipated a profit of approximately 15%. The government released an advance payment of 19% of the contract value against a performance bond. Upon completion of the first quarter, the company reported a cost of ₹0.378 million incurred on the project.</p>
You are required to calculate the Profit for the end quarter of the project and the value of Contract assets or liabilities under the following scenarios
1) Project running 5% Loss
a) Using Cost Method and Work certified method (Consultant said 20% of the project completed)
2) Project running profit with 10%
a) Using the Cost method and Work Certified Method (Consultant said 20% of the project completed)
The answer is provided in the link but need to confirm it is correct or if there are changes
https://1drv.ms/x/c/4ac6cf5129cd6403/EVS5-RHZ7otOqkanvsQinrkBC_WWdmC46x1mm0tKjj_5aw?e=V6CXrR
