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This question belongs to Commerce Costing

Costing

?

When the completion stage of the contract is more than half, the profit to be credited to Profit and Loss account will be equal to . . . . . . . .

A) $${\frac{1}{3}^{{\text{rd}}}}{\text{of Notional Profit}} \times \frac{{{\text{Cash received}}}}{{{\text{Work certified}}}}$$ B) $${\frac{1}{2}^{{\text{nd}}}}{\text{of Notional Profit}} \times \frac{{{\text{Cash received}}}}{{{\text{Work certified}}}}$$ C) $${\frac{2}{3}^{{\text{rd}}}}{\text{of Notional Profit}} \times \frac{{{\text{Cash received}}}}{{{\text{Work certified}}}}$$ D) $${\text{Full Notional Profit}}$$

Answer & Solution

Correct Answer: Option C

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