Page 241 - DCOM202_COST_ACCOUNTING_I

Unit 11: Contract Costing

Cash received on account upto 31 March amounted to ` 2,24,000 representing 80 percent Notes
st
of the work certified. The remaining 20 percent being retained until completion. The work
finished but not certified was ` 40,000. prepare the Contract Account and Contractee’s
Account.
Answers: Self Assessment

1. Contract costing 2. direct
3. payroll 4. Contract costing
5. credited 6. sub-contractor.
7. contract ledger 8. ¼ th
9. contract costing 10. Cost-plus Contract

11. Notional profit 12. True
13. False 14. False
15. True

11.6 Further Readings

Books Arora M. N., Cost and Management Accounting, Himalaya publishing House,
2010.
pandey, IM, Management Accounting, Excel Book, New Delhi, 2007.
Richard G. Schroeder, Myrtle W. Clark, Myrtle W. Clark, Jack M. Cathey, Financial
Accounting Theory and Analysis: Text Readings and Cases, John Wiley & Sons Inc.
Shah paresh, Management Accounting, Oxford University press, New Delhi, 2009.

Online links www.futureaccountant.com
www.managementstudyguide.com

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