Q. If the value of work certified equal to or more than 90% of contract price, profit to be credited is………………. (Solved)
1. 2/3 * National profit * (Cash received/Work certified)
2. No profit credited to P&L a/c
3. Estimated profit on completion*(Work certified/Contract price)
4. 1/3 * National profit * (Cash received/Work certified)
- c. Estimated profit on completion*(Work certified/Contract price)