b) Dollah Construction Berhad agreed to construct a building where the contract price was RM50...
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b) Dollah Construction Berhad agreed to construct a building where the contract price was RM50 million and the estimated total costs were RM46 million. By the end of the first year, 40% of the work was completed. Required: i) Determine the gross profit recognised in the first year. (6 marks) (CLO2:PLO2:C2) ii) If the contract yields a loss of RM5 million, how would the company recognise the total loss? (2 marks) (CLO2:PLO2:C3) iii) What is contract revenue and how Dollah Construction recognised its revenue and profit for the contract? (5 marks) (CLO2:PLO2:03)
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