Question
A company enters into a contract to construct a
specialized asset over 4 years. At the end of Year 2, total costs incurred are ₹60 lakh, estimated total costs are ₹100 lakh, and total contract revenue is ₹130 lakh. Which amount should be recognized as revenue till Year 2 under AS 7?Solution
Revenue recognized = (Costs incurred / Total estimated costs) × Total contract revenue = (60/100) × 130 = ₹78 lakh.
When did the Indian Constitution come into effect?
In a consumer cooperative, who are the primary members?
Which of the following amendments to the Indian Constitution is known as the 'Mini-Constitution'?
National Emergency is mentioned in which article of the Indian Constitution?
Which amendment to the Indian Constitution added the Ninth Schedule?
Financial emergency provisions in the Indian Constitution are borrowed from the constitution of which country?
Which Constitutional Amendment Act revised Article 312 (1) of the Indian Constitution to empower Parliament to create All-India Services?
Which article grants special provisions to Nagaland?
Which article of the Indian Constitution deals with the Uniform Civil Code?
Which of the following is not a part of the Fundamental Duties under the Indian Constitution?
