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Illustration 3 A contract expected to be completed in year 4, exhibit the following information...

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Illustration 3 A contract expected to be completed in year 4, exhibit the following information End of Year Value of work certified Cost of work to date Cost of work not yet certified Cash received ($) ($) ($) ($) 1 0 50,000 50,000 0 2 3,00,000 2,30,000 10,000 2,75,000 8,00,000 6,60,000 20,000 7,50,000 3 The contract price is $ 10,00,000 and estimated profit is 20% You are required to calculate, how much profit should have been credited to the Profit and Loss A/c by the end of years 1,2 and 3

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