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Cost of contract and profit or loss thereon are determined by preparing ________.
- Acost sheet
- Bprofit and loss a/c
- Ctrading a/c
- Dseparate ledger a/c
Correct answer: D
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separate ledger a/c
Cost of contract and profit or loss thereon are determined by preparing separate ledger a/c. A separate contract account is prepared for each contract.
Cost of contract and profit or loss thereon are determined by preparing separate ledger a/c. A separate contract account is prepared for each contract.