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In 4th question they have asked what is the revenue to be recognised ? Revenue means Income which we gonna receive has a contractor In the question, they have given that certified work completed rs 320 lakh, there is no retention amount or uncertified work, Hence the assumption is whatever the work we have done up to that date has been completely certified. So, the certified work up to date is 320 lakh & they are paying the same.
In 5th question They have given that cost incurred to date is 360 lakh Which means the expense we have incurred up to date is 360 lakh . In that line itself they have mentioned incurred, incurred in the sense as a contractor whatever the amount we have incurred to complete such work, right faysolahmed? So the question is, total expense to be recognised so what is the expense ,expenses were to the cost we have incurred to complete the work, right? Hence, it's 360 lakh. I hope you got the answer. If not, let me know your doubt please!
I'm sorry Vivek , as of now, I'm little busy, but after September, I can upload any videos u ask for. So, right now, you can watch classes from the below youtube channels : Parag Gupta sir Genius girl Iwision , all of these are nice for advanced accounting subject.
