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Future Limited undertakes a contract for construction of a Bridge on 01.04.2017 at a contract price of ?1,250 Lakh. The contract was to be completed in two years. Cost incurred up to 31.03.2018 is ?780 Lakh. The Company estimated that a further cost of ?520 lakh would be incurred for completing the project. What amount should be credited to revenue as Contract Price for the financial year 2017-18 as per the provisions of Ind AS 11?

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The syllabus (with weightage):
A. GAAP and Accounting Standards 20%
B. Accounting of Business Combinations & Restructuring 20%
C. Consolidated Financial Statements 20%
D. Developments in Financial Reporting 25%
E. Government Accounting in India 15%


Future Limited undertakes a contract for construction of a Bridge on 01.04.2017 at a contract price of ?1,250 Lakh. The contract was to be completed in two years. Cost incurred up to 31.03.2018 is ?780 Lakh. The Company estimated that a further cost of ?520 lakh would be incurred for completing the project. What amount should be credited to revenue as Contract Price for the financial year 2017-18 as per the provisions of Ind AS 11?






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