Homework Answers
Calculation of loss in onerous contract :
Crats left to sell - 180000-45000=135000
Difference in selling price- 9-8=1$
Hence loss is certain and can be estimable then loss is recognised for the amount of 135000*1= $135000
|
DATE |
PARTICULARS |
DEBIT |
CREDIT |
|
1 |
Estimated loss on onerous purchase contract To provision for onerous contract (To as per GAAP any estimable loss must be recognised immediately by way of provision ) |
135000 |
135000 |
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