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.
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