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Originally Posted by Snoopy
It is strange the moderators deleted it, rather than just sending you a note to change the formatting if indeed that really was the problem.
Agree 100%. I won't lie but I'm pretty miffed about that given the effort that went into it plus it was all my own work, not copied from anywhere else. And I no longer have the supplementary notes that supported that post.
Anyhoo, here is the table:
|
A |
B |
C = A - B |
D = C / A |
E |
F = E / B |
G |
H = C x F |
I = E + G + H |
Project |
Contract |
Estimated |
Estimated |
Contract |
Costs |
Percent |
Invoiced |
Profit |
Contract WIP |
|
Revenue |
Total Costs |
Profit |
Margin % |
To Date |
Complete |
To Date |
Recognised* |
Balance |
1 |
$1,000 |
$750 |
$250 |
25% |
$750 |
100% |
-$1,000 |
$250 |
$0 |
2 |
$2,000 |
$1,900 |
$100 |
5% |
$950 |
50% |
-$2,000 |
$50 |
-$1,000 |
3 |
$3,000 |
$3,200 |
-$200 |
-7% |
$3,100 |
97% |
-$1,000 |
-$200 |
$1,900 |
4 |
$4,000 |
$3,000 |
$1,000 |
25% |
$0 |
0% |
-$400 |
$0 |
-$400 |
5 |
$5,000 |
$4,000 |
$1,000 |
20% |
$3,500 |
88% |
-$3,000 |
$875 |
$1,375 |
6 |
$6,000 |
$5,500 |
$500 |
8% |
$2,000 |
36% |
$0 |
$182 |
$2,182 |
TOTAL |
$21,000 |
$18,350 |
$2,650 |
13% |
$10,300 |
|
-$7,400 |
$1,157 |
$4,057 |
|
OBS |
OBS |
OBS |
Calc. |
J1 |
Calc. |
J2 |
J3 |
BS |
CONTRACT WIP -> |
|
|
|
|
DEBIT |
|
CREDIT |
DEBIT |
NETT |
|
|
|
|
|
|
|
|
|
|
Balance Sheet: |
|
|
|
|
|
|
|
|
|
Contract Asset |
$5,457 |
|
|
|
|
|
|
|
|
Contract Liability |
-$1,400 |
|
|
|
|
|
|
|
|
Nett Contract WIP |
$4,057 |
|
|
|
|
|
|
|
|
Notes:
Calc. = calculated field |
OBS = Off Balance Sheet, no journals needed |
J1 = Debit Contract WIP, Credit Payables |
J2 = Debit Receivables, Credit Contract WIP |
J3 = Debit Contract WIP, Credit P&L (profit contracts) - using % of completion method |
or Debit P&L, Credit Contract WIP (loss contracts, 100% of loss) |
BS = Balance Sheet Value |
|
* The year on year movement in this value is what ends up in the annual P&L. |
FERG
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